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SJVNL IPO may hit the market on 29 April

SJVNL IPO may hit the market on 29 April
PTI
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First Published: Mon, Apr 12 2010. 04 21 PM IST
Updated: Mon, Apr 12 2010. 04 21 PM IST
New Delhi: The initial public offering of state-run hydro power generator Satluj Jal Vidyut Nigam to raise about Rs1,200 crore is likely to open on 29 April.
“In all probability the IPO would open on 29 April and close on 2 May,” CMD SJVNL H K Sharma told PTI.
After increasing the share of Himachal Pradesh government to 25.5%, the Centre’s share in the company has come down to 74.5% from 75% earlier.
The company received approval from the Cabinet in October last year for 10 % disinvestment of the government’s stake in SJVNL.
The Cabinet Committee on Economic Affairs last week approved the enhancement of Himachal Pradesh’s equity stake in the project by issuance of 2.78 crore fresh shares for a value of Rs40.79 crore. It would increase the company’s paid-up capital to about Rs4,137 crore.
The decision has been taken to ensure successful disinvestment of the government’s stake in SJVNL.
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First Published: Mon, Apr 12 2010. 04 21 PM IST
More Topics: SJVNL | Disinvestment | IPO | Stake Sale | Equity |