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

New Delhi: The Government's 4.92 percent 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 percent 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 percent over Wednesday's closing share price of Rs 81.75 on the BSE.

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

Shares of SJVN fell 9.38 percent 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 percent 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 percent in SJVN.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)