SJVN's share price experienced a 10% drop as the Offer for Sale (OFS) for non-retail investors opened.
The stock opened at ₹74.69, down from the previous close of ₹81.75 on the BSE.
The government plans to divest 4.92% equity, including a Green Shoe option of 2.46%.
The floor price for the OFS is set at ₹69 per share, potentially fetching over ₹650 crore.
SJVN's board of directors will convene to discuss raising funds through asset securitization.
SJVN signed an MOU with PFC for financial assistance in various projects, with a proposed range of ₹80,000 to ₹90,000 crore.
PFC's commitment to the projects demonstrates confidence in their success.
SJVN reported a significant dip of over 55% in consolidated net profit in the June quarter of FY24.
Retail investors have an opportunity to participate in the OFS starting Friday.
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