The sale of shares through an Offer for Sale (OFS) in SJVN will kick off tomorrow for institutional investors, while individual retail investors will have their opportunity to submit bids on Friday. The government’s plan involves divesting 4.92% of the company’s equity, a portion of which includes a Green Shoe option of 2.46%. This strategic move has been officially confirmed.
DIPAM Secretary Tuhin Kanta Pandey stated, “The OFS in SJVN will commence tomorrow for non-retail investors. Retail investors can participate in the bidding on Friday. The government intends to divest 4.92% of the equity, which includes a Green Shoe option of 2.46%.”
The offering, priced at ₹69 per share as the floor price, will translate to a total sale value exceeding ₹650 crore for this 4.92% stake. This equates to over 9.66 crore shares.
Remarkably, SJVN’s stock displayed strong performance on Wednesday, surging by 9.31% and reaching its highest point in the last 52 weeks at ₹83.69 per share. At the end of the trading day, the stock closed at ₹81.75 per share on the BSE, registering an impressive gain of 6.78%.