SJVN likely to hit market with maiden bond sale this month

Informist, Friday, Sep 17, 2021


By Subhana Shaikh and Sanjana Raina


MUMBAI – State-owned SJVN Ltd is likely to enter the debt market with its maiden bond offering of five-year maturity this month, sources said. 


"The thought process is that they (the company) want to borrow through bonds, because they have never done that before. It has been in the works for quite some time now," a source aware of the development said.


The company plans to raise up to 10 bln rupees through this bond issue, which has a base size of 5 bln rupees and a greenshoe option of 5 bln rupees, according to a note accessed by Informist.

Bidding will take place on the BSE's electronic bidding platform, and the bonds will be listed on the wholesale debt market segment of the bourse.


Last week, India Ratings had assigned "AA+" rating to SJVN's proposed bond issue.


Proceeds of the issue will be used to meet the funding requirement and future capital expenditure towards various and ongoing new projects of the company, business operations and recoupment of the expenditure already incurred and general corporate purposes, the note said. 


SJVN is a listed mini-ratna central public sector entity under the Ministry of Power and operates different hydropower plants, wind power projects and solar power plants in various states.


At 1322 IST, shares of SJVN were down 0.7% at 27.35 rupees on the National Stock Exchange.  End


IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


Edited by Aditya Sakorkar


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