JSW Energy stock hits 52-week high on firm’s plans to raise Rs 5,000 crore via QIP

The floor price for JSW Energy’s QIP is set at Rs 510 per share, while the indicative issue price stands at Rs 485 per share

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Shares of JSW Energy rose over 2 percent to hit a 52-week high of Rs 558 on April 3 after the company announced plans to raise Rs 5,000 crore through qualified institutional placements (QIP) in one or more tranches.

At 09.52 am, shares of JSW Energy were trading at Rs 550 apiece on the NSE.

Further details of the QIP with regards to date of launch are yet to be determined, but the board has set up a finance committee to take decisions on it. The floor price for the QIP, however, is set at Rs 510 per share, while the indicative issue price stands at Rs 485 per share.

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The company also refrained from sharing any details on how it plans to use the funds raised through the QIP.

The energy company reported a strong 24.36 percent on year growth in its consolidated net profit for the third quarter of FY24, primarily driven by robust performances in its thermal portfolio and merchant sales.

In terms of revenue, the company saw a 13.3 percent year-on-year growth to Rs 2,661.41 crore for the quarter, up from Rs 2,349.79 crore in the corresponding period of the previous year.

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