JSW Energy To Raise Rs 5,000 Crore Through QIP

The board of JSW Energy Ltd. has approved a fundraise of Rs 5,000 crore through qualified institutional placement.

The floor price for the issue that opened on Tuesday has been set at Rs 510.09 per equity share.

The company will issue equity shares with a face of Rs 10 each in one or multiple tranches to eligible investors, it said in an exchange filing.

The issue price will be determined by JSW Energy, in consultation with the book-running lead manager appointed for the issue.

The company's step-down unit, JSW Renewable Energy, on March 26 signed a pact with Reliance Power Ltd. to acquire a 45 MW wind power project in Vashpet, Maharashtra, for Rs 132 crore. The deal is likely to be completed by May 21.

Shares of JSW Energy closed 4.07% higher at Rs 542.20 apiece, as compared with a 0.04% decline in the Nifty 50.