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Govt to sell 4.92% stake in SJVN via OFS

Govt to sell 4.92% stake in SJVN via OFS

| @indiablooms | 21 Sep 2023, 12:41 am

New Delhi: The government is set to divest a 4.92% stake in SJVN through a two-day offer for sale, with a floor price of Rs 69 per share.

According to DIPAM Secretary Tuhin Kanta Pandey, the offer for sale begins for non-retail investors tomorrow, while retail investors can participate on Friday.

SJVN, formerly known as Satluj Jal Vidyut Nigam, is a public sector undertaking involved in hydroelectric power generation and transmission.

It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.

This divestment, including a Green Shoe option of 2.46%, is expected to yield over Rs 650 crore based on the floor price.

SJVN shares experienced a significant surge, reaching a 52-week high of Rs 83.69, and closed at Rs 81.75 apiece on the BSE, marking a 6.78% increase.

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