NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 10,000 crore through an initial public offering (IPO).
The Company had filed its IPO papers with Sebi on September 18,
2024.
The IPO with a face value of Rs 10 per equity share
is entirely a fresh issue of equity shares. The offer also includes a
reservation for a subscription by eligible employees and a
discount is being offered to eligible employees bidding in the
employee reservation portion.
The proceeds from the fresh issue to the extent of
₹ 7,500 crore will be used for investment in its
wholly owned Subsidiary, NTPC Renewable Energy Limited (NREL) for repayment/
prepayment, in full or in part of certain outstanding borrowings availed by
NREL; and general corporate purposes.
Promoted by NTPC Ltd, NTPC Green Energy is
the largest renewable energy public sector enterprise (excluding hydro) in
terms of operating capacity as of June 30, 2024 and power generation in Fiscal
2024, according to a CRISIL Report mentioned in the DRHP.
As of June 30, 2024, NTPC Green’s
“Portfolio” consisted of 14,696 MWs including 2,925 MWs of operating projects
and 11,771 MWs of contracted and awarded projects. Additionally, it has 10,975
MWs of “Capacity under Pipeline”, aggregating to 25,671 MWs together with its
Portfolio.
The Company’s renewable energy portfolio
encompasses both solar and wind power assets with presence across multiple
locations in more than six states which helps mitigate the risk of
location-specific generation variability, according to a CRISIL Report mentioned
in the DRHP.
As of June 30, 2024, NTPC Green had 15
offtakers across 37 solar projects and 9 wind projects and are in the process
of constructing 31 renewable energy projects in 7 states consisting of 11,771
MWs Contracted and Awarded. It also had 2,925 MWs operating across 14 solar
projects and 2 wind projects.
Its operational
capacity was 3,071 MW of solar projects and 100 MW of wind projects across six
(6) states as of August 31, 2024, strategically focused on developing a
portfolio of utility-scale renewable energy projects, as well as projects for
public sector undertakings (“PSUs”) and Indian corporates.
NTPC Green Energy’s revenue from operations has
grown at a CAGR of 46.82% from ₹910.42 crore in Fiscal 2022 (on a special
purpose carved-out basis) to ₹1,962.60 crore in Fiscal 2024 (on a restated
basis). Profit after tax grew at a CAGR of 90.75% from ₹94.74 crore in Fiscal
2022 (on a special purpose carved-out basis) to ₹344.72 crore in Fiscal 2024
(on a restated basis).
For the three months period ended June 30,
2024 revenue
from operations and
profit after tax stood at Rs 578.44 crore and Rs 138.61 crore, respectively, on
a restated basis.
IDBI Capital Markets & Securities Limited, HDFC Bank Limited, IIFL
Securities Limited, and Nuvama Wealth Management Limited are the book-running
lead managers to the issue and KFin Technologies Limited is the registrar to
the offer.
