National Hydroelectric Power Corporation surges on getting nod to merge Jalpower Corporation with itself
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NHPC is currently trading at Rs. 44.95, up by 1.35 points or 3.10% from its previous closing of Rs. 43.60 on the BSE.
The scrip opened at Rs. 44.05 and has touched a high and low of Rs. 44.30 and Rs. 43.40 respectively. So far 436241 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 46.90 on 27-Oct-2022 and a 52 week low of Rs. 27.05 on 28-Mar-2022.
Last one week high and low of the scrip stood at Rs. 45.25 and Rs. 42.40 respectively. The current market cap of the company is Rs. 43746.13 crore.
The promoters holding in the company stood at 70.95%, while Institutions and Non-Institutions held 21.20% and 7.83% respectively.
NHPC has received approval from board of directors to merge the company's arm Jalpower Corporation (JPCL) with itself. The company had acquired Jalpower Corporation and its 120 MW Rangit Stage-IV hydro power project in March 2021 through insolvency proceedings. The Board of Directors of NHPC in its meeting held on November 10, 2022 has inter-alia approved the scheme of merger/ amalgamation.
Since the merger is between wholly-owned subsidiary and holding company, no cash or issue of new shares shall be undertaken. There will be no change in shareholding pattern post-merger.
NHPC is engaged in electric power generation by hydroelectric power plants. The company is also engaged in contracts, project management and consultancy works.
