JSW Energy, IndiGo promoters pare stakes in large bulk deals
₹717.6 crore in a bulk deal, according exchange filings. GQG Partners alone bought almost 1% stake or 16.7 million shares in JSW Energy for ₹571.4 crore, while a bunch of other investors bought the remaining stake. The energy firm’s shares touched an intraday high of ₹369.90 apiece before closing 6% up at ₹368 apiece on the BSE.
JSW Energy, with a market capitalization of ₹60,540.5 crore, reported a 48% decline in year-on-year (y-o-y) consolidated net profit to ₹290 crore during the June quarter. The company’s revenue too saw a 3.3% y-o-y decline at ₹3,013.22 crore for the same period. As of 30 June, the company’s net debt was at ₹22,904 crore.
The Mumbai- based power major has a presence in wind, thermal and hydropower, with a total capacity to generate 6,677 MW of energy. The company also owns stake in natural resource companies in South Africa. In March 2023, it completed the acquisition of a 1,753 MW energy asset from Mytrah Energy in the southern, western and central parts of India.
JSW Energy’s promoter-stake sale is one of the many bulk deals that took place on the bourses on Wednesday. Privately held airline IndiGo’s co-founder Rakesh Gangwal’s wife Shobha Gangwal sold entire 11.5 million of her shares or 2.99% stake, in InterGlobe Aviation Ltd for ₹2,801.8 crore. On Wednesday, Mint, reported that Rakesh Gangwal and his family were planning to sell around 4% stake in InterGlobe Aviation for up to $450 million, citing a deal termsheet, a copy of which has been reviewed by Mint.
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