Satluj Jal Vidyut Nigam IPO likely by March-end: Sources

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State-run Satluj Jal Vidyut Nigam (SJVN) has mandated four investment banks for its initial public offering (IPO), which is likely by March-end, reports CNBC-TV18 quoting sources of DowJones Wire.

Sources also say that SJVN has mandated JM Financial, SBI Capital, IDFC-SSKI and IDBI Capital for the sale of shares via IPO.

Earlier, the Finance Minister Pranab Mukherjee had said that India will complete share sales through public offers in three state companies by the end of March. Divestment of 5% each in NTPC and Rural Electrification Corp and 10% in unlisted Satluj Jal Vidyut Nigam (SJVN) was under implementation, Pranab Mukherjee had told the lawmakers in Parliament in early December.

In an interview with CNBC-TV18 on January 18, the disinvestment secretary Sunil Mitra said that the government was likely to mop up more than Rs 24,000 crore in fiscal 2010.

Rural Electrification Corporation (REC), Power Grid, NTPC and NMDC are the other government companies lined up for raising funds via public issue.

The 17.17 crore shares IPO of REC will open for subscription between February 18 and 23, 2010. India's largest power generation company, NTPC will also launch its IPO of 41.22 crore shares on February 3 and will close on Februar 5.

Power Grid Corporation of India has also received in-principle nod for its follow-on issue from the board of directors. The board said the company would issue 10% stake via this issue.