Sajjan Jindal-owned JSW Energy to raise ₹5,000 crore via QIP; Details here

Estimated read time 9 min read

Billionaire Sajjan Jindal-led JSW Energy, on Tuesday, said that the company intends to raise 5,000 crore through a qualified institutional placement (QIP) program. The company aims to accomplish this by selling shares to high net worth investors in one or more tranches.

A Qualified Institutional Placement (QIP) is a fundraising approach whereby a company raises capital by offering shares to qualified institutional buyers.

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“The share placement could be done in one or more tranches at a floor price of 510.09 rupees apiece on April 5 – a 6% discount to the company’s last closing price of 540.20 rupees,” JSW Group’s energy arm said.

The floor price for the issue has been fixed at 510.09 per share.

“We further wish to inform you that the Finance Committee of the Board has fixed the ‘Relevant Date’ for the purpose of the Issue, in terms of Regulation 171 (b)(i) of the SEBI ICDR Regulations, as 2nd April, 2024, and accordingly the Floor Price in respect of the Issue has been determined, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations, as 510.09 per Equity Share,”the company said.

The company did not provide any details on how it plans to use the proceeds.

JSW Energy, a key entity within the esteemed JSW Group valued at $23 billion, stands as a premier private-sector contributor to India’s power landscape. With a robust footprint spanning the power sector’s value chains, the company boasts diverse assets in power generation and transmission.

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Over time, JSW Energy has systematically augmented its power generation capacity, scaling up from 260 MW to an impressive 7,189 MW. This capacity is distributed across various sources: thermal (3,508 MW), wind (1,615 MW), hydel (1,391 MW), and solar (675 MW), ensuring a diversified presence across geographic regions, fuel types, and power off-take arrangements.

In total, JSW Energy commands a formidable power generation capacity of 9.8 GW, with 6.8 GW already installed and operational.

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Published: 02 Apr 2024, 09:17 PM IST

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