SJVN's two-day OFS opens today; shares tank around 13%

SJVN share price NSE, SJVN OFS news, SJVN OFS date: Shares of SJVN tanked in early morning trade on Thursday, September 21, a day after the state-owned power producer informed bourses that the government will sell a 4.92 per cent stake in SJVN through a two-day offer for sale, starting today. The shares fell as much as over 13 per cent to touch the day's low of Rs 70.75 on the NSE. The floor price for OFS of the hydroelectric power generation and transmission company has been fixed at around Rs 69 apiece, which is a 16 per cent discount to the last market price. SJVN shares ended at Rs 71.2, down 12.26 per cent on NSE.

DIPAM Secretary Tuhin Kanta Pandey on X said, "Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. The government will divest 4.92 per cent of equity, including a Green Shoe option of 2.46 per cent."

Here's how the stock has moved so far: 

Source: NSE

The company's exchange filing read, "The Promoter (the "Seller") proposes to sell up to 9,66,72,962 Equity Shares having a face value of 10 each, representing 2.46 per cent of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size"), on September 21,2023 ("T Day") (for non-Retail Investors only) and on September 22,2023 ("T+l Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) ("Offer Shares") with an option to additionally sell 9,66,72,961 Equity Shares (representing 2.46 per cent of the total issued and paid up equity share capital of the Company..."

SJVN share price history

SJVN shares have rewarded investors of over 100 per cent in past 3 months. The stock has risen nearly 150 per cent in last one year. The company has a market capatalisation of Rs 27,98,014.16, as per data available on NSE.

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