State-run National Hydroelectric Power Corp, on Wednesday, announced its initial public offering of 167 crore shares for August this year to partly fund its Rs 50,000 crore investment by 2012 to add 10,000 MW of electricity generation capacity.

NHPC Chairman and Managing Director S K Garg said 167 crore shares of a face value of Rs 10 each would be offered at a premium that would be decided through book building in August.

100 projects on hand

The much-delayed IPO would comprise sale of 10 per cent of fresh equity shares and 5 per cent disinvestment of government equity.

Mr Garg said NHPC would invest Rs 50,000 crore in the 11th Five-Year Plan to add new generation capacity. “We have 10 projects on hand, therefore, we are hopeful of achieving the target on time,” he told reporters here. The company posted a net profit of Rs 1,002.06 crore in 2007-08 fiscal, Rs 77.26 crore more than the previous year.

NHPC also achieved an all time high sales turnover of Rs 2,311 crore, against Rs 1,963 crore in 2006-07. Mr Garg said the company is changing its name from National Hydro-electric Power Corporation to NHPC Ltd and four independent Directors have been appointed on the Board.

The firm had filed the DRHP in April last year which is now invalid due to delay in the appointment of independent directors  under the Sebi’s listing agreement, Mr Garg added.

Three projects namely 520 MW Omkareshwar (JV) in Madhya Pradesh, 390 MW Dul Hasti in Jammu and Kashmir and 510 MW Teesta Stage-V in Sikkim have been commissioned. As many as 11 projects are under construction, of which Teesta Stage-III (West Bengal) would be commissioned in September 2009, Sewa-II (J&K) in 2010 and the remaining eight by 2011-12.