SJVN Board Meeting Today To Consider And Approve Fund Raise Proposal

SJVN board will consider and approve the fund raise proposal in the company's board meeting scheduled today (September 23). The company had earlier apprised Indian bourses about its board meeting and the fundraise proposal and that is why SJVN shares were on investors' radar this week. On Friday, the share price of SJVN Ltd closed 1.67% higher at Rs 72.27 per share.

The state-owned company informed the Indian stock market earlier that its board will discuss the fundraise proposal through the securitization of assets in its meeting on Saturday.

In an exchange filing on September 20, 2023, the company said, "Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that a Meeting of the Board of Directors is scheduled to be held on Saturday, September 23, 2023, inter-alia, to consider and approve the raising of funds through Securitization of Assets."

Government offloads 4.9% stake in SJVN Through OFS

On September 20, the Indian government announced an Offer for Sale (OFS) to sell 9.67 crore equity shares, or 2.46% equity stake in SJVN, with an option to sell another 2.46% by retaining oversubscription.

The President of India, acting through and represented by the Ministry of Power, Government of India, is the promoter of SJVN Limited (the "Promoter"). The company said, "The Promoter (the "Seller") proposes to sell up to 9,66,72,962 Equity Shares having a face value of Rs 10 each, representing 2.46% of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size"), on September 21, 2023 ("T Day") (for non-Retail Investors only) and on September 22, 2023 ("T+l Day") (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) ("Offer Shares") with an option to additionally sell 9,66,72,961 Equity Shares (representing 2.46% of the total issued and paid up equity share capital of the Company) through a separate, designated window of BSE Limited and National Stock Exchange of India Limited, collectively representing 4.92% of the total paid-up equity share capital of the Company as on June 30, 2023, in accordance with the OFS Guidelines."

The company said that in the event that the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will collectively hereinafter be referred to as "Offer Shares" while if such Oversubscription Option is not exercised the Equity Shares forming part of the Base Offer Size will be hereinafter referred to as "Offer Shares".

The announcement said, "Such number of Equity Shares as would be equivalent to up to 0.5% of the paid-up equity capital of Gol subsequent to completion of the Offer may be offered to eligible and willing employees of the Company subsequent to completion of the Offer in accordance with the terms and conditions provided in OFS Guidelines, subject to approval from the competent authority (the "Employee Offer"). The employees will be eligible to apply for Equity Shares up to Rs 2,00,000. Provided that in the event of under-subscription in the employee portion, the unsubscribed portion may be allotted on a proportionate basis, for a value over Rs 2,00,000, subject to the total allotment to an employee not exceeding Rs 5,00,000."