The finance committee of JSW Energy Ltd. approved on Thursday the allotment of 80,000 non-convertible debentures worth Rs 800 crore in two tranches on a private-placement basis.
The unsecured, rated, listed, taxable and redeemable NCDs have a face value of Rs 1 lakh each. Out of the total issue, the first tranche comprises Rs 400 crore, including a green-shoe option of Rs 100 crore, while the second one comprises the remaining Rs 400 crore, according to an exchange filing.
On Jan. 28, the board of directors had approved raising funds of up to Rs 3,000 crore by issuing the NCDs.
JSW Energy's revenue declined 4.1% to Rs 2,438 crore in the third quarter of the current financial year, while net profit fell 27% to Rs 167.8 crore.
Shares of JSW Energy closed 1.38% lower at Rs 562.90 apiece on the National Stock Exchange, compared to a 1.24% advance in the benchmark Nifty. The stock has risen 15.08% in the last 12 months, but fallen 12.41% on a year-to-date basis.
Nine out of the 13 analysts tracking the company have a 'buy' rating on the stock, two recommend 'hold' and as many suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 9.7%.
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