Athira Sethu
Kochi, 3 June 2026
NHPC shares gained nearly 5% on June 3 after strong investor demand for the government’s Offer for Sale (OFS). The issue, which opened for non-retail investors on June 2 and for retail investors on June 3, attracted significant interest, prompting the government to exercise the entire green shoe option. Through the stake sale, the Centre aims to raise around ₹4,200 crore as part of its broader FY27 disinvestment programme.
NHPC OFS at a Glance
| Particulars | Details |
| Company | NHPC |
| Stake on Offer | 6% |
| Base Offer | 3% |
| Green Shoe Option | 3% |
| Floor Price | ₹71 per share |
| Estimated Proceeds | ₹4,200 crore |
| Non-Retail Investor Bidding | June 2, 2026 |
| Retail Investor Bidding | June 3, 2026 |
Market Reaction
| Metric | Value |
| NHPC Share Price (June 3 Intraday High) | ₹75.90 |
| Intraday Gain | 4.99% |
| Closing Price on June 2 | ₹72.29 |
| Decline on June 2 | 6.36% |
| BSE Closing Price on June 1 | ₹77.19 |
| OFS Discount to June 1 Close | ~8% |
Investor Response on Day 1
| Indicator | Value |
| Subscription Status | Oversubscribed |
| Oversubscription Multiple | 3.47x |
| Government Decision | Exercised full green shoe option |
| Allocation Method | Price priority basis |
Share Sale Structure
| Component | Shares/Stake |
| Total Stake Offered | 6% |
| Total Shares on Sale | Over 60.27 crore |
| Expected Revenue to Government | ₹4,200 crore |
FY27 Disinvestment Progress
| Transaction | Stake Sold | Amount Raised |
| Coal India OFS | 2% | ₹5,542 crore |
| Central Bank of India Stake Sale | 8.08% | ₹2,266 crore |
| NHPC OFS (Expected) | 6% | ₹4,200 crore |
| Total Proceeds Before NHPC | ₹7,808 crore |
Government Disinvestment Targets
| Fiscal Year | Target/Estimate |
| FY27 Disinvestment & Asset Monetisation Target | ₹80,000 crore |
| FY26 Revised Estimate | ₹33,837 crore |
| Increase in FY27 Target | More than 2x FY26 level |
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