JSW Energy’s board has approved raising up to Rs 5,000 crore through a QIP (qualified institutional placement) in one or more tranches by selling shares to high net worth investors. The Board has also authorised the finance committee to take all the necessary decisions in this regard. The fund raising exercise is subject to regulatory or statutory approvals as required, the company said.
“A Qualified Institutions Placement of equity shares with face value of Rs 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 Rs 5000 Crore (Rupees Five Thousand Crore Only) in one or more tranches subject to such regulatory / statutory approvals as may be required,” the company said.
A QIP is a fundraising method through which a company raises funds by issuing shares to eligible institutional bidders.
As of the December 2023 quarter, promoters of JSW Energy held a 73.38% stake in the company.
JSW Energy a 28 per cent rise in net profit to Rs 231 crore for the December quarter of 2023-24, helped by higher power demand and lower fuel costs.
The revenue for the same period was at Rs 2,542.80 crore, up 13 per cent year-on-year (Y-o-Y), the company said in its regulatory filing.
Ebitda, the company said, stood at Rs 1,229 crore, up 69 per cent Y-o-Y. The revenue and Ebitda growth, the company said, was driven by an incremental contribution from a renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.
Sequentially, JSW Energy’s net profit for the period fell 72.8 per cent.
Overall, the net generation of power, the company said, was up 43 per cent Y-o-Y at 6.1 billion units, attributed to higher thermal generation and contribution from acquired and greenfield renewable energy capacities.
The company said its consolidated net debt as of December 2023 was at Rs 26,286 crore, which gives it the headroom to pursue value-accretive growth opportunities.
