26 Dec , 2024 By : Debdeep Gupta
Shares of recently listed renewable energy player NTPC Green Energy tumbled over 4 percent on December 26, as the one-month lock-in period for anchor investors expired today.
Following the lock-in expiry, as many as 1.83 crore shares of NTPC Green Energy, or a 2 percent stake in the company, became eligible to trade, opening the doors for anchor investors to go ahead and offload 50 percent of their holdings in the stock if they wished to do so.
It must be noted that the end of a lock-in period does not mean that all the shares will be sold, but they only become eligible to be traded.
Meanwhile, the stock has also gained nine percent in less than a month since its market debut, giving investors plenty of room to take home partial profits.
On December 22, NTPC Green Energy signed a Memorandum of Understanding (MoU) with the Department of Industries, Government of Bihar. The MoU was for investments in Bihar to establish renewable energy projects, including Ground-mounted and floating solar installations, Battery energy storage systems, Green hydrogen mobility initiatives, etc.
NTPC Green Energy stock was listed at Rs 111.50 per share on the NSE on November 29, 2024, a premium of 3.24 percent over the IPO price of Rs 108 per share. The Rs 10,000-crore initial share sale was entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component. NTPC Green's IPO was the biggest in the country's renewable energy industry.
Proceeds from the IPO amounting to Rs 7,500 crore are to be utilized to repay or prepay a part or the entire outstanding loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), with a portion allocated for general corporate purposes.
NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.
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