Public sector hydropower producer Satluj Jal Vidyut Nigam (SJVN) today said its proposed initial public offer is likely to come in the next fiscal and the company is in the process of appointing independent directors, a prerequisite for firms planning to hit the market.
"First of all we will appoint independent directors and the process may spill over next fiscal," SJVN Chairman and Managing Director (CMD) H K Sharma told reporters here on the sidelines of a power function.
According to Sebi norms, if a company has an executive chairman, it must have half the board as independent directors to be able to go for an IPO.
SJVN is a joint venture between the Centre and the Himachal Pradesh government. The Centre holds 75 per cent stake in the JV, while the rest is owned by the state government.
Last month, the government had approved sale of its 10 per cent stake in the state-run power generator.
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