Shimla: With the filing of Draft Red Herring Prospectus with Securities Exchange Board of India (SEBI), SJVN â€“ the Mini Ratna public sector generating company, has set the ball rolling for entering the equity markets by proposing to disinvest 10 percent of its holding through the Initial Public Offer (IPO).
SJVN spokesman VK Verma disclosed that draft prospectus was filed with SEBI on 26th February. The central government proposes to disinvest Rs 410 crore through the IPO offering, which constitutes 10 percent of the equity holding in the company.
SJVN is a joint venture company with 75 percent investment holding of central government and 25 percent that of Himachal Pradesh government. The public sector company operates the countryâ€™s largest 1500 MW Nathpa Jhakir hydropower plant and is in the process of implementing other projects in Himachal, Uttrakhand and neighbouring countries of Nepal and Bhutan.