SJVNL IPO Put On Hold Until Next Fiscal (24-Feb-2010)
After seeing an unfavourable market response to the Follow-on Public Offering (FPO) of NTPC and REC, the Initial Public Offering (IPO) of Satluj Jal Vidyut Nigam Ltd. (SJVNL) has been put on hold by the Government of India.
Mr. H K Sharma, CMD of SJVNL said its IPO is slightly delayed on the grounds of the outcome to REC and NTPC, as the market is not favorable and the IPO could come in the first half of the next financial year.
SJVNL is a Joint Venture (JV) between the Centre Government and the Government of Himachal Pradesh, where the Centre holds 75 % stake in the company and the rest of the stake lies with the state government.
For this IPO, the government is disinvesting 7.5 % stake in the company and is expecting to raise around Rs. 1,200 crore from the stake sale.
The Board of the company has also cleared the Draft Red Herring Prospectus (DRHP) for the IPO.
In October 2009, the Cabinet Committee on Economic Affairs had approved disinvestment of 10 % in SJVNL.
Whereas, the FPO's of NTPC and REC were subscribed 1.2 and 3.12 times, respectively.
The SJVN Ltd (formerly Nathpa Jhakri Power Corporation Limited - NJPC) was incorporated on 24th May1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh to plan, investigate, organize, execute, operate and maintain Hydro-electric power projects. The present authorized share capital of SJVN is Rs. 4500 crores.
The Nathpa Jhakri Hydro - Electric Power Station- NJHPS (1500 Mw) was the first project undertaken by SJVN for execution. In addition to the financial assistance from the World Bank, SJVN has also been financed as loan by a Consortium of European Banks, the Power Finance Corporation (PFC) and various domestic commercial banks.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|