Chennai: As expected the Rs10 face value National Thermal Power Corporation Limited''s scrip opened at the bourses for trade at a premium to the issue price. At the National Stock Exchange (NSE) the scrip opened at Rs88 before coming down to Rs70.

The 86,58, 30,000-share public issue made through book building process was priced in the band Rs52-62 and was over subscribed by 12 times.

According to Shanti Ekambaram, director, Kotak Mahindra Capital Company and head — Corporate Banking, Kotak Mahindra Bank, the issue price was fixed after looking at companies similar to NTPC in the Asian region. "In India there is no other company with operations similar to NTPC," she said.