Govt's OFS in SJVN kicks off, shares skid 9 pc on BSE

The government's 4.92 per cent share-sale offer in state-owned power producer SJVN kicked off on Thursday with institutional investors putting in bids.

In the 2-day offer for sale (OFS), the government is selling up to 19.33 crore shares or 4.92 per cent stake at a floor price of Rs 69/piece.

The floor price of the SJVN share sale was fixed at a discount of 15.6 per cent over Wednesday's closing share price of Rs 81.75 on the BSE.

At this floor price, the OFS of 4.92 per cent stake would fetch over Rs 1,300 crore to the exchequer.

Shares of SJVN fell 9.38 per cent over previous close to Rs 74.08 apiece in morning trade on the BSE.

The issue includes a green-shoe option of over 9.66 crore share or 2.46 per cent stake.

The share sale would open on Friday for retail investors, who would get an additional discount over the floor price.

The government currently holds 86.77 per cent in SJVN.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)