Satluj Jal Vidyut price band fixed at Rs 23-26

NEW DELHI: The government has fixed a price band of Rs 23-26 a share for the initial public offer of public sector hydropower major Satluj Jal Vidyut Nigam ( SJVNL). Retail investors and employees will get a 5% discount on the price fixed.

SJVNL will come out with a public offering of 41.50 crore equity shares. “The issue would comprise an offering of 41.16 crore shares to public and the remaining 33.50 lakh reserved for employees,” a government official said.

The IPO will open on April 29 and will close on May 3. Through the IPO, SJVNL will divest 10%. At present, the Centre holds around 75% in SJVNL and the remaining is with the Himachal Pradesh government.

SBI Capital, IDBI Capital, JM Financial and IDFC Capital are the book managers for the issue.

The government has set a target of Rs 40,000 crore from disinvestment proceeds and is also working out the disinvestment details for other companies.