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Posted on  September 21, 2023 under  by Team Lakshmishree

Government's Stake Sale in SJVN: Key Details of the Upcoming OFS

The Government of India has declared its intention to divest a portion of its stake in SJVN through an Offer For Sale (OFS). This move is anticipated to generate significant interest among both retail and non-retail investors. Here are the crucial details you need to know:

OFS Opens for Non-Retail Investors

The OFS window for non-retail investors is set to commence on 21st September 2023. This will be followed by opening the window for retail investors on 22nd September 2023.

Stake Divestment Details - SJVN

The Government aims to divest 4.92% of its equity in SJVN. This includes a Green Shoe option of 2.46%. The floor price for the shares has been set at ₹69 per share, which is notably lower than the current market price, making it an attractive proposition for potential investors.

Financial Implications

Given the floor price of ₹69 per share, the sale of the 4.92% stake, which translates to over 9.66 crore shares, is expected to bring in revenues exceeding ₹650 crore for the Government. It's worth noting that SJVN shares recently surged by 9.31%, reaching a 52-week high of ₹83.69. The shares eventually settled at ₹81.75 on the BSE, marking a 6.78% increase.

Offer Size and Oversubscription Details

  • Base Offer Size: The government intends to sell 9,66,72,962 shares, which equates to 2.46% of SJVN's total equity.
  • Oversubscription Option: An additional 9,66,72,962 shares (2.46% of Equity) are available for oversubscription.
  • Total Offer Size with Oversubscription: Should there be a full oversubscription, the total number of shares on offer would be 19,33,45,924. This translates to a substantial Rs 1334 crore at the floor price.

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Conclusion

The Government's decision to divest its stake in SJVN through an OFS presents a golden opportunity for investors. With an attractive floor price and the potential for significant returns, this OFS is poised to be a major event in the financial sector. Investors are advised to watch this development closely and make informed decisions.

Written by Team Lakshmishree

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