SJVN Board to Discuss Fundraising in Upcoming Meeting

SJVN boad

 

SJVN board has informed to Stock Exchange today.

SJVN (Satluj Jal Vidyut Nigam) is set to deliberate on a proposal to raise funds in its board meeting scheduled for today. The company has informed the Indian stock exchanges about the board meeting and its agenda.

The state-owned company, engaged in power production and transmission, has informed the Indian stock markets that its board will discuss the proposal for fundraising through the monetization of assets during its meeting on Saturday.

The company stated, “The Board of Directors of the company is scheduled to meet on 23rd September 2023, to consider and approve, among other things, the regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, related to fundraising through the monetization of assets.”

You are informed that the meeting of the Board of Directors is set for Saturday, 23rd September 2023, where discussions and approvals regarding fundraising through asset monetization will take place.

Last week, SJVN board had informed the Indian exchanges about the proposal for sale (OFS) by the promoters. In reference to the announcement made on 20th September 2023, pertaining to “Proposal for sale of shares by promoters and floor price,” the company stated, “BJP has submitted a modified notice to BSE regarding the OFS of equity shares of SJVN Limited (the ‘Company’) carried out on 10th October 2023 as per Regulation 29 read with Schedule III to the SEBI OFS Circular dated 29th June 2018 (‘SEBI OFS Circular’).” In regards to the board meeting schedule,

In recent years, SJVN, like many PSU (Public Sector Undertaking) stocks, has also delivered decent returns to its existing shareholders. It is one of those multi-bagger stocks presented to the Indian stock markets in 2023. Year-to-Date (YTD), this PSU stock has nearly doubled its value, trading in the range of approximately INR 35 to INR 73, yielding a return of around 110%.

Over the past year, the state-owned company’s ownership stake has increased significantly, going from INR 32.30 to INR 73 per share, which is approximately a 125% return at present. SJVN shares are among the stocks that have made a strong comeback after the COVID-19 sell-off. In the last three and a half years, the price of SJVN shares has increased from about INR 20.50 to INR 73 per share, marking a nearly 250% growth rate.

 

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