State-owned power producer SJVN Ltd today said its board has approved a buyback proposal comprising 5 per cent stake for over Rs 801 crore.
As on January 5, 2018, the promoters held 89.73 per cent stake in the company, a joint venture of the Government of India and the Government of Himachal Pradesh.
Foreign investors and financial institutions held 3.48 per cent and 2.66 per cent respectively. Others including public and public bodies corporate held 4.14 per cent.
"The Board of Directors of the company in their meeting held on January 8, 2018 has unanimously approved inter-alia the proposal to buyback not exceeding 20,68,31,325 equity shares..." SJVN said in a BSE filing.
The buyback price has been fixed at Rs 38.75 per equity share, payable in cash, for an aggregate consideration of up to Rs 801.47 crore, it added.
"The Board of Directors noted the intention of one of the promoters of the company ie President of India, acting through and represented by Ministry of Power, Government of India to participate in the proposed Buyback," the filing said.
The record date has been fixed as January 18 to determine entitlement and names of the shareholders who are eligible to participate and shareholders to whom the Letter of Offer and Tender Form will be delivered in relation to the Buyback, it added.
The shares of SJVN today closed at Rs 37.80 apiece on BSE, marginally lower than the previous close.