India's NTPC Green Energy filed draft papers for a 100 billion rupees ($1.19 billion) initial public offering on Wednesday, as it looks to cash in on the country's renewables expansion plans and a red-hot equities market.

NTPC shares are in focus after the board on Septemner 19 approved investment of Rs 20,832 crore in two thermal power projects. The stock has rallied 75 percent in past year.

NTPC Green Energy, the renewable energy arm of India’s National Thermal Power Corporation (NTPC), has filed for an initial public offering (IPO) with the Securities and Exchange Board of India to raise $1.

The initial share sale will be an entirely fresh issue with no offer-for-sale (OFS) component. The company said it will use the IPO proceeds to repay debt and general corporate purposes.

NTPC Green Energy has filed DRHP with the SEBI to raise ₹10,000 crore via IPO, which is touted to be India’s largest in 2024.

Shares of the PSU stock NTPC rallied 3.5 per cent to its day’s high of Rs 428.70 on BSE after the company’s subsidiary NTPC Green Energy filed draft papers for a Rs 10,000 crore initial public offering (IPO) on Wednesday.