SJVN board approves merger of wholly owned subsidiary SJVN Thermal
SJVN Limited told the National Stock Exchange that its board approved starting the merger of SJVN Thermal, which runs the 1,320 MW Buxar plant, into the parent, subject to Government approval.
Key points
- SJVN Limited said in an NSE filing that its board on 30 October 2026 approved initiating the merger of SJVN Thermal Private Limited into itself.
- SJVN Thermal runs the 1,320 MW Buxar Thermal Power Plant in Bihar and had turnover of Rs 520.78 crore as on 31 March 2026, the filing says.
- No share exchange ratio applies and no change in shareholding is expected; the company says the proposal still needs Government of India approval.
SJVN Limited said in a filing with the National Stock Exchange on 30 October 2026 that its board has approved a proposal to start the process of merging its wholly owned subsidiary, SJVN Thermal Private Limited, into the parent company. The proposal needs the approval of the Government of India.
What Happened
The board met on 30 October 2026 and, according to the company's filing, considered and approved the proposal to initiate the merger of SJVN Thermal Private Limited with SJVN Limited under the Companies Act, 2013. The filing describes this as an in-principle approval. It says the details given are tentative and depend on approvals from the Government and other competent authorities, and on finalising the Scheme of Amalgamation.
SJVN Thermal is a wholly owned subsidiary of SJVN and a government company. It runs the 1,320 MW Buxar Thermal Power Plant in Bihar. According to the filing, its paid-up capital as on 31 March 2026 was Rs 3,131.72 crore and its turnover was Rs 520.78 crore. SJVN Limited, which would be the surviving company, had paid-up capital of Rs 3,929.79 crore and turnover of Rs 3,544.52 crore as on 31 March 2026.
The company gives this reason for the merger: because it holds the entire share capital of SJVN Thermal, keeping the subsidiary as a separate legal entity offers no significant extra benefit. It says a separate structure means duplicated administrative and operational functions and more regulatory compliance. The merger, it says, would help consolidate operations, remove overlapping functions, and reduce compliance and administrative costs.
Because the merger is between a company and its wholly owned subsidiary, the filing says no consideration or share exchange ratio applies, and no change in SJVN's shareholding pattern is expected. The company also says the merger does not count as a related party transaction, citing a General Circular of the Ministry of Corporate Affairs dated 17 July 2014.
What It Means
For shareholders of SJVN Limited, the filing says the number of shares and the shareholding pattern are not expected to change, since no new shares are issued in a merger of a company with its wholly owned subsidiary. The Buxar thermal plant would be run directly by the listed company if the merger goes through.
This is only the start of the process. The company has not given a timeline, and the proposal still needs Government of India approval and the approvals of other competent authorities. The final terms will be set in the Scheme of Amalgamation, which has not yet been finalised.
Oquilia Data: SJVN Ltd. (NSE: SJVN)
| Close, 29 Oct 2026 | Rs 52.40 (+2.87% on the day) |
|---|---|
| Return 1M / 3M / 6M / YTD / 1Y | −12.42% / −24.08% / −34.99% / −29.91% / −41.07% |
| Against Nifty 50, 1M / 3M / YTD | −13.39 / −18.66 / −17.69 points |
| 52-week closing high / low | Rs 88.30 (30 Oct 2025) / Rs 47.40 (23 Oct 2026) |
| Turnover, 20-session average | Rs 31.37 cr; 43.3% delivered; latest volume 1.1x |
Closes adjusted for splits and bonuses; returns exclude dividends. Facts from NSE's files, not investment advice.
Full record: SJVN share price on Oquilia
Source: Company filing on NSE
Sources & Citations
- Company filing on NSE — National Stock Exchange of India