SJVM Share Price: SJVN shares have been hit hard. But the offer for sale is getting good response from non-retail investors.
SJVM OFS: SJVN’s Offer For Sale has received an excellent response from non-retail investors on the first day. On Friday, retail investors will be able to apply in the offer fall sale. But on Thursday, September 21, 2023, the stock price of SJVN closed at Rs 71.05 with a decline of 13.09 percent or Rs 12.78.
After the closing of the stock market on Wednesday, September 20, it was announced that SJVN would bring an offer for sale. The floor price for this offer for sale was fixed at Rs 69 per share, which was higher than Wednesday’s closing price. It was at 16 percent discount. The stock had closed at Rs 81.75 on Wednesday.
After the announcement of offering fall sale at this discount, the stock took a huge hit on Thursday. Investors sold shares at a higher price to buy shares in the fall sale offer at a lower price. SJVN’s offer for sale is getting good response due to OFS at Rs 69 per share.
Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 4.92% equity including a Green Shoe option of 2.46%. pic.twitter.com/n4p1QKV9HI
— Secretary, DIPAM (@SecyDIPAM) September 20, 2023
SJVN which was earlier known as Satluj Jal Vidyut Nigam. The government has brought an offer for sale to sell its 2.5 percent stake in the company, which includes 9.66 shares. Also, the government has the option to sell 9.66 crore shares after oversubscription. After the end of April-June quarter, the government had 86.7 percent stake in the company. According to the regulatory rules of SEBI, public shareholding in any company should be at least 25 percent.
In the offer for sale, 25 percent of the offer has been reserved for mutual funds, insurance companies and 10 percent for retail investors. Retail investors can apply for offer for sale on Friday. In recent times, there has been a strong rise in the prices of shares of government companies. After which it is expected that the government can bring an offer for sale of these government companies so that they can earn big money by reducing their stake.
