NTPC Promoted NTPC Green Energy लिमिटेड....

NTPC Promoted NTPC Green Energy Limited files DRHP to raise Rs 10,000 crore via IPO

NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited, has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 10,000 crore through an initial public offering (IPO).

 

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 Issue is being made through the book-building process, wherein at least 75% of the net issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the offer shall be available for allocation to non-institutional bidders, and not more than 10% of the offer shall be available for allocation to retail individual bidders.

 

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.

 

NTPC Limited is a ‘Maharatna’central public sector enterprise under the ownership and administrative control of the Ministry of Power (“MOP”) of the Government of India (“GoI”) and India’s largest power company both in terms of installed capacity as of March 31, 2024 and power generation in Fiscal 2024.

 

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.