Satluj Jal Vidyut IPO likely on April 29

The initial public offering (IPO) of state-run hydro power generator Satluj Jal Vidyut Nigam (SJVNL) to raise about Rs 1,200 crore is likely to open on April 29.

"In all probability the IPO would open on April 29 and close on May 2," company's Chairman and Managing Director H K Sharma told PTI.

After increasing the share of Himachal Pradesh government to 25.5 per cent, the Centre's share in the company has come down to 74.5 per cent from 75 per cent earlier.

The company received approval from the Cabinet in October last year for 10 per cent disinvestment of the government's stake in SJVNL.

The Cabinet Committee on Economic Affairs last week approved the enhancement of Himachal Pradesh's equity stake in the project by issuance of 2.78 crore fresh shares for a value of Rs 40.79 crore. It would increase the company's paid-up capital to about Rs 4,137 crore.

The decision has been taken to ensure successful disinvestment of the government's stake in SJVNL.