Home Business JSW Energy’s stock reaches 52 week peak following the company’s intention to raise ₹5,000 crore through QIP

JSW Energy’s stock reaches 52 week peak following the company’s intention to raise ₹5,000 crore through QIP

by admin
1 comment

JSW Energy shares surged over 2% to hit a 52-week peak of Rs 558 on April 3, following the company’s announcement of plans to raise Rs 5,000 crore via qualified institutional placements (QIP) in one or more phases.

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

The specifics of the QIP launch date are yet to be finalized, but a finance committee has been appointed by the board to make decisions in this regard. The floor price for the QIP is fixed at Rs 510 per share, with an indicative issue price of Rs 485 per share.

The company did not provide any information about how it intends to utilize the funds obtained from the QIP.

The energy firm posted a significant 24.36% increase in its combined net profit in the third quarter of FY24 compared to the same period last year, mainly due to strong results in its thermal sector and merchant sales.

Regarding revenue, there was a 13.3% year-on-year rise to Rs 2,661.41 crore for the quarter, up from Rs 2,349.79 crore in the previous year’s corresponding period.


JSW Energy stated that it reserves the right to offer up to a 5% discount on the calculated floor price for the issue.

Furthermore, the company announced a Finance Committee meeting scheduled for April 5, 2024, to decide on the issue price of the equity shares, including any permissible discount, under Regulation 29(1) of the SEBI Listing Regulations.

The Qualified Institutional Placement (QIP) will not exceed Rs 5,000 crore and will be conducted in one or more tranches, subject to regulatory approvals. The Finance Committee is authorized to make all necessary decisions in this regard, as per the board’s authorization, as stated by JSW Energy.

The issuance of equity shares to qualified institutional buyers was approved by shareholders through a special resolution passed on June 30, 2023.

You might also be interested in –  Tata Technologies plans to establish a joint venture with BMW

Visited 42 times, 1 visit(s) today

You may also like

1 comment

Voltas reached the milestone of selling 2 million AC units - SMT FinMedia April 9, 2024 - 8:03 am

[…] You might also be interested in – JSW Energy’s stock reaches 52 week peak following the company’s intention to raise ₹5,… […]

Reply

Leave a Comment