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NTPC issue oversubscribed 11 times!

Business India: New Delhi, Oct 14 : The initial public offer of state-run utility National Thermal Power Corp (NTPC) was oversubscribed 1,107 percent on the fifth and last day of bidding Thursday, book building data with stock exchanges showed.

As against 865.83 million shares on offer, the company has received bids for 9.59 billion shares in the indicative price band of Rs.55-62 a share bearing a face value of Rs.10 each, the data showed.

NTPC's chairman and managing director C.P. Jain told reporters here that the response to the issue was overwhelming.

"This is the vote of confidence in the country's power sector reforms," he said.

According to the NTPC official, the company will decide on the cut-off price for the issue by the weekend.

"We will list on major stock exchanges by Nov 5," Jain said.

--Indo-Asian News Service