JSW Energy to raise Rs 5,000 crore via QIP
JSW Energy on Tuesday said it plans to raise Rs 5,000 crore by selling shares to high net worth investors through a qualified institutional placement process or QIP.
The QIP will take place in one or more tranches. The company did not disclose the purpose of the fundraise.
«A Qualified Institutions Placement of equity shares with face value of Rs 10 each under the provisions of Chapter VI of the Securities and Exchange Board of India Regulations, 2018, as amended, to the eligible investors for an aggregate amount not exceeding Rs 5000 Crore in one or more tranches subject to such regulatory approvals as may be required,» the company said in a regulatory filing, adding that the Board has authorized the finance committee of the Board to take all the necessary decisions in this regard.
Details of the QIP, dates, and pricing are yet to be determined.
A QIP is a way for listed companies to raise capital by issuing shares to eligible institutional bidders.
As of the December 2023 quarter, promoters of JSW Energy held a 73.38% stake in the company.
On Tuesday shares of JSW Energy ended 4.39% higher at Rs 542 on the BSE. Benchmark Sensex ended 0.15% lower.
JSW Energy reported a 24.3% jump in consolidated net profit at Rs 232.2 crore for the third quarter of the current fiscal, on the back of higher power demand and lower fuel costs.
Higher profitability was driven by robust performance at thermal power plants, the company had said.
A record fall in prices of solar panels has made the company put its solar module
