SJVN will make investments worth Rs 15,000-16,000 crore over the next five years for augmenting the capacity to 6,500 MW from its present 1,500 MW. Apart from this, SJVN also plans to diversify into solar and wind power in the current year.
SJVN is a joint venture between the Centre and the Himachal Pradesh government, they will raise funds for the proposed investment from internal accruals. A draft red herring prospectus has been already drafted with the Securities and Exchange Board of India for its initial public offer (IPO), which will hit the market in the last week of April or early May.
The Cabinet Committee on Economic Affairs recently approved the raising of Himachal Pradesh government's equity stake in the company by issuing of 27.8 million fresh shares for a value of Rs 40.79 crore. The IPO is expected to raise Rs 1,200 crore.
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