JSW Energy to Raise ₹5,000 Crore Through QIP Offering

3 Apr 2024 , 11:39 AM

According to a stock exchange filing on April 2, JSW Energy, which is owned by Sajjan Jindal, intends to offer shares to high net worth investors through a qualified institutional placement, or QIP, program to raise ₹5,000 Crore in one or more tranches.

“A Qualified Institutions Placement of equity shares with a face value of ₹10 each under the provisions of Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, to the eligible investors for an aggregate amount not exceeding ₹5,000 Crore in one or more tranches subject to such regulatory/statutory approvals as may be required,” the business stated in its filing.

The Board has given its finance committee the authority to make all the required decisions in this regard, even though the specifics of the QIP, dates, and costs have not yet been decided. Promoters of JSW Energy owned 73.38% of the business as of the December 2023 quarter.

A QIP is a way for a business to raise capital by offering shares to qualified institutional buyers.

In this instance, though, the business did not make clear which projects it plans to fundraise for.
The company’s third-quarter consolidated net profit increased by 24.36% year over year, driven primarily by its merchant sales and thermal portfolio.

From ₹2,349.79 Crore to ₹2,661.41 Crore in the quarter, revenue increased 13.3% year over year.

JSW Energy’s shares closed more than 4% higher on April 2 at ₹542 on the NSE.

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