New Delhi, Sep 20 (IANS): The government on Wednesday announced that it plans to sell up to 4.9 per cent stake in power major SJVN via Offer For Sale.

The floor price has been fixed at Rs 69 per share which represents a 16 per cent discount from SJVN’s closing price of Rs 82.1 on Wednesday.

The government will sell up to 2.46 per cent stake in the company as base offer via OFS and has retained an oversubscription option for another 2.46 per cent.

The offer will open on September 21 for non-retail investors and on September 22 for retail investors. The base offer will comprise 9.66 crore shares with a face value of Rs 10 which may be followed up with an additional sale of 9.66 crore as part of a green shoe option.

"Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 4.92 per cent equity including a Green Shoe option of 2.46 per cent," Secretary, Department of Investment and Public Asset Management posted on X (formerly Twitter).