JSW Energy stock gains 2% on raising Rs 5,000 crore through QIP

Goldman Sachs picked Rs 1,356.1 crore worth of equity shares and Nomura India bought Rs 500.15 crore worth of shares.

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Shares of JSW Energy gained 2 percent after the company closed its QIP issue after raising Rs 5,000 crore on April 6. As of 9:20am on April 8, the stock was trading at Rs 609.8. It has gained over 140 percent in the last one year.

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In a regulatory filing on April 6, JSW Energy said that the company has closed its qualified institutions placement (QIP) issue and raised Rs 5,000 crore through the allotment of 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of Rs 485 per share. Goldman Sachs picked up Rs 1,356.10 crore of equity shares and Nomura India bought Rs 500.15 crore of shares.

In a release, Pritesh Vinay, director (finance) and CFO of JSW Energy, said that the overwhelming response from high-quality institutional investors to the successful raising of Rs 5,000-crore growth capital was humbling and validates JSW Energy’s positioning of having the “best in-class disciplined capital allocation track record, proven execution capability to build large-scale projects at competitive costs, operational excellence, and a strong pipeline of returns-accretive growth projects”.

Also read: JSW Energy raises Rs 5,000 crore by selling shares to investors, including ADIA

The company plans to use the proceeds from the QIP to “bolster an already
strong capital structure even further, significantly enhance our financial flexibility, and enable us to accelerate our ambitious growth plan”, the release said. This is the first equity raise by the company since its listing in 2010.

According to the release, the company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030 and has a target of achieving Carbon Neutrality by 2050.

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