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India – Herbert Smith Freehills Advises On USD2.2Bn Stake Sale By Govt. Of India In NTPC Ltd.

19 February, 2013

 

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 transactionHerbert 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.

 

For further information, please contact:

 

Wendy Kam, Herbert Smith Freehills
wendy,kam@hsf.com   

 

 

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