Through the offer for sale (OFS), the Government of India (the 'promoter') had proposed to sell up to 9,66,72,962 equity shares (representing 2.46% stake), with an option to sell an additional 2.46% stake or 9,66,72,961 equity shares in case of oversubscription. The floor price for the sale had been set at Rs 69 per share.

The total OFS size (base size + green shoe) stood at 19,33,45,923 shares, representing 4.92% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 1,334.08 crore.

The Government of India held 59.92% stake in SJVN as of 30 June 2023.

The OFS opened on Thursday (21 September 2023) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Friday (22 September 2023).

On Friday (T+1 day), the OFS received subscription for 6,37,59,707 shares as against the total retail category offer size of 1,93,34,593 shares. The non-retail portion received bids for 1,71,07,406 shares while the retail portion received bids for 4,66,52,301 shares.

The shares in the OFS were allotted at the price of Rs 69 apiece to the non-retail while the issue price for the retail category was Rs 70.10 per share.

SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

The company's consolidated net profit declined 55.39% to Rs 271.75 crore on a 32.80% fall in revenue to Rs 674.79 crore in Q1 FY24 over Q1 FY23.

The scrip had risen 1.67% to end at Rs 72.27 on the BSE.