JSW Energy QIP: ₹5,000 crore raised with over 3.2 times oversubscription; here are the major participants
Upstox
2 min read • Updated: April 6, 2024, 11:41 AM
Summary
The company has approved the issue and allotment of around 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of ₹485 apiece. This marked a discount of 4.92% as against the floor price of ₹510.09 per share.
JSW Energy has raised ₹5,000 crore via a qualified institutional placement (QIP) issue, which garnered interest from global investors, domestic mutual funds and insurance companies, a press release stated.
The QIP issue was launched on April 2 and closed on April 5. The company said it recorded over 3.2 times oversubscription, in what was its first equity raise since listing on the bourses in 2010.
Following the completion of the QIP, the company said it has approved the issue and allotment of around 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of ₹485 apiece. This marked a discount of 4.92% as against the floor price of ₹510.09 per share.
“The proceeds from the QIP will bolster an already strong capital structure even further, significantly enhance our financial flexibility, and enable us to accelerate our ambitious growth plans,” said Pritesh Vinay, Director (Finance) and CFO of JSW Energy.
Who were the major participants in the JSW Energy QIP issue?
Few of the largest global asset managers like GQG, Blackrock, Nomura, Wellington, UBS and Abu Dhabi Investment Authority (ADIA) participated in the QIP, JSW Energy said.
The company added that only two investors were allotted more than 5% of the total issue size. They are – Goldman Sachs GQG Partners International Opportunities Fund which was allotted 27.12% and Nomura India Investment Fund Mother Fund which was allotted 10%.
"The strong institutional investor interest reflects their unwavering confidence in our positioning as a diversified energy transition platform focused on growing both the generation and storage businesses, with optionality for green hydrogen and its derivatives," JSW Energy CEO Sharad Mahendra said.
The disclosures related to the QIP were made by JSW Energy late on April 5, following the conclusion of market hours. The company’s shares had settled at ₹597.85 apiece on the NSE, up 2.54% as against the preceding day’s close.