Government to Sell Up to 4.9% Stake in SJVN
The Indian government has announced to divest up to 4.92% of its stake in the state-owned power company SJVN through an Offer for Sale (OFS).
This OFS plan entails the government's divestment of 2.46% of the company's equity as a primary offering, with an additional 2.46% held in reserve for oversubscription. The allotment of shares will follow a price-based priority system involving multiple clearing prices. Notably, no individual bidder, except for mutual funds and insurance companies, will receive more than 25% of the shares being offered.
As of the present ownership structure, the government holds a 59.92% equity stake in SJVN, while Himachal Pradesh holds 26.85%. The government's divestment in SJVN aims to comply with the minimum public shareholding requirement mandated by the capital market regulator.
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