Through the offer for sale (OFS), the Government of India (the 'promoter') had proposed to sell up to 9,66,72,962 equity shares (representing 2.46% stake), with an option to sell an additional 2.46% stake or 9,66,72,961 equity shares in case of oversubscription. The floor price for the sale had been set at ₹ 69 per share.
The total OFS size (base size + green shoe) stood at 19,33,45,923 shares, representing 4.92% of outstanding equity shares of the company, the value of which (at floor price) aggregates to ₹ 1,334.08 crore.
The Government of India held 59.92% stake in SJVN as of 30 June 2023.
The OFS opened on Thursday (21 September 2023) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Friday (22 September 2023).
On Friday (T+1 day), the OFS received subscription for 6,37,59,707 shares as against the total retail category offer size of 1,93,34,593 shares. The non-retail portion received bids for 1,71,07,406 shares while the retail portion received bids for 4,66,52,301 shares.
The shares in the OFS were allotted at the price of ₹ 69 apiece to the non-retail while the issue price for the retail category was ₹ 70.10 per share.
SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.
The company's consolidated net profit declined 55.39% to ₹ 271.75 crore on a 32.80% fall in revenue to ₹ 674.79 crore in Q1 FY24 over Q1 FY23.
The scrip had risen 1.67% to end at ₹ 72.27 on the BSE.
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