Herbert Smith Freehills has acted as international and US counsel to NTPC Limited (“NTPC”), one of India’s largest state-owned power generation companies, in connection with an offer for sale (“OFS”) by the Government of India of a US$2.14 billion stake in NTPC.
The sale of 783,262,880 equity shares at a floor price of Rs.145 per share raised approximately US$2.14 billion, making the NTPC OFS the biggest Indian government privatisation in the current fiscal year and the largest equity deal in India since March 2012. The NTPC OFS marks a significant step towards achieving the Indian Government’s target of raising up to USD 6 billion from privatisations in the current fiscal year.
Under the OFS structure, shareholders sell their holdings in listed companies in a market-transparent manner, with the sale price set by auction through an exchange-based bidding platform.
The Herbert Smith Freehills team consisted of Siddhartha Sivaramakrishnan and Yuji Huang, together with Steve Thierbach.
Siddhartha Sivaramakrishnan commented:
“We are pleased to have acted on this landmark India capital markets transaction. Herbert Smith Freehills continues to be a leader in the Asia equity capital markets landscape.”
Citigroup, Deutsche Bank, Goldman Sachs, Kotak Mahindra, Morgan Stanley and SBI Capital acted as brokers to the transaction.
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