INDIA India’s National Hydroelectric Power Corporation will launch the country’s biggest initial public offering since the economic downturn started, as the state-run company seeks to raise up to Rs60bn ($1.24bn).
The government, which controls the company, will divest a 5 per cent stake in NHPC, the country’s biggest hydro power producer, and hopes to use Rs20bn from the total proceeds to help it fund its growing fiscal deficit. The remaining Rs40bn will be reinvested in the company.
