The state-owned power generating company proposes to buyback shares at Rs 115 each.
The board of directors of NTPC on Monday (26 October) approved a buyback proposal. The company aims to buyback upto 19.78 crore shares (2% of the total number of fully paid-up equity shares) at Rs 115 per share.
The buyback will be on a proportionate basis through a tender offer route. The company has fixed 13 November 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.
As of 30 October 2020, the Government of India held 51.02% stake in NTPC.
Meanwhile, NTPC on Monday said its consolidated net profit slipped 7.74% to Rs 3,494.61 crore on 7.77% rise in revenue from operations to Rs 27,707.76 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) skid 9.3% to Rs 3,729.18 crore in Q2 September 2020 as against Rs 4,112.35 crore in Q2 September 2019. Total tax expense for the quarter tanked 48.60% to Rs 640.56 crore as against Rs 1,246.40 crore paid in Q2 September 2019. The Q2 result was declared during market hours today, 2 November 2020.
Installed capacity of the NTPC Group grew 10.16% to 62,910 megawatt (MW) as of 30 September 2020 from 57,106 megawatt (MW) as of 30 September 2019. Commercial capacity of the group jumped 12.95% to 62,110 megawatt (MW) as of 30 September 2020 over 54,986 megawatt (MW) as of 30 September 2019. Average tariff for H1 FY21 stood at Rs 3.86/kWh.
Shares of NTPC rose 1.88% to close at Rs 89.25 on BSE.
NTPC is a Maharatna company operating in the power generation business. The principal business activity of the firm is electric power generation through coal based thermal power plants. It also engages in the business of generation of electricity from hydro and renewable energy sources.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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