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SJVN offer for sale opens for retail investors today

SJVN-offer-for-sale-opens-for-retail-investors-today

SJVN Ltd. is a hydroelectric power generation company in India with an aggregate generation capacity of more than 1900 MW. The company was incorporated on May 24, 1988, as Nathpa Jhakri Power Corporation Pvt Ltd. and was established as a joint venture between the Government of India and the State Government of Himachal Pradesh to plan, investigate, organize, execute, operate, and maintain hydroelectric power projects. In September 2002, they changed their name to Satluj Jal Vidyut Nigam Ltd., as the operations were based in and around the river Sutlej. Over the years, SJVN Limited has become a leading Indian company that specializes in the development and operation of renewable energy projects. The company has a diverse portfolio, including solar and wind power plants, hydroelectric projects, and other renewable energy projects.

In a circular submitted to exchange by the company, stating that the President of India, acting through the Ministry of Power, and the Government of India initialed an offer for the sale of equity shares of SJVN Limited. The Indian government has decided to sell a 4.92% stake in the public sector power generator company via a two-day offer for sale, including a 'green shoe' option of 2.46%. As per the circular issued, on September 21, 2023, the government proposes to sell up to 9,66,72,962 equity shares with a face value of Rs. 10 each, representing 2.46% of the total issued and paid-up equity share capital of the company as the base offer size. The floor price of the offer will be Rs. 69 per equity share. The stake sale will approximately fetch the government around Rs. 650 crore.

On the following day, September 22, 2023 for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids 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 "Oversubscription Option". In the event that the oversubscription option is exercised, the Equity share forming part of the Base offer Size and the Oversubscription Option will collectively hereinafter be referred to as "Offer Shares".

In a another exchange filing on September 20, SJVN said it had signed a Memorandum of Understanding (MOU) with PFC for financial assistance to various diversified portfolios of projects including majorly renewable energy projects and thermal generation projects to be set up at a total project cost of about Rs.1,18,826 crore.

The stock has corrected approximately 15% since the release of the offer for sale. The stock has given 100% return price appreciation year to date and is currently trading at a price of Rs. 72.5.

Balance Sheet FY 2023 FY 2022 FY 2021 FY 2020 FY 2019
Total Assets 32,311.00 23,248.44 17,473.18 15,955.07 14,973.65
Total Assets Growth (%) 38.98 33.05 9.51 6.55 4.05
Total Liabilities 18,451.46 10,078.10 4,682.00 3,903.99 3,727.41
Total Liabilities Growth (%) 83.08 115.25 19.93 4.74 1.01
Total Equity 13,859.54 13,170.34 12,791.18 12,051.08 11,246.24
Current Ratio (x) 1.32 1.88 2.03 4.19 5.33
Total Debt to Equity (x) 1.01 0.52 0.15 0.16 0.17
Contingent Liabilities 14,222.57 12,322.05 12,523.48 12,873.10 4,514.13

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