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Govt to divest 10% stake in SJVNL via IPO

Govt to divest 10% stake in SJVNL via IPO
PTI
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First Published: Sun, Jul 26 2009. 02 57 PM IST
Updated: Sun, Jul 26 2009. 02 57 PM IST
New Delhi: The Centre is mulling over offloading 10% stake through a initial pubic offer in hydro power company Satluj Jal Vidyut Nigam (SJVNL) this fiscal and is hoping to raise Rs1,200 crore.
After NHPC, Satluj Jal Vidyut Nigam will be the second hydro power company in which the government will divest its stake through IPO.
SJVNL is a joint venture between the Centre and Himachal Pradesh government in the ratio of 75:25.
Earlier, the government has finalized the IPO of NHPC. The government would offload 5% of its shareholding in it hoping to raise Rs840 crore plus the premium charged on each share of face value Rs10.
NHPC will raise Rs1,680 crore by way of fresh equity.
“The public offering to offload government’s 10% shareholding may happen by the end of this fiscal. The state government has already given a ‘No Objection Certificate´ (NoC) for the disinvestment,” SJVNL chairman and managing director H K Sharma told PTI.
The company has announced an investment of over Rs23,000 crore in the next 10 years to add 4,000 MW capacity to its existing 1,500 MW.
“In the next ten years or so we will be investing over Rs23,000 crore for executing our projects...(we have) projects of about 4,000 MW capacity lined up for commissioning by 2020,” Sharma said.
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First Published: Sun, Jul 26 2009. 02 57 PM IST
More Topics: SJVNL | NHPC | Power | Stake | IPO |