GQG Partners Offloads Rs 676 Crore Worth Of JSW Energy Shares In Bulk Deal
The stake sale comes amid recent financial headwinds for JSW Energy.
US-based investment firm GQG Partners has sold shares worth Rs 676 crore in JSW Energy through an open market transaction on Tuesday, according to bulk deal data on the BSE.
The sale was executed by its affiliate GQG Partners Emerging Markets Equity Fund, which offloaded 1.52 crore shares which is about 0.87% stake at an average price of Rs 444 apiece.
Following the transaction, GQG Partners’ holding in JSW Energy dropped to 0.92% from 1.79%. Details of the buyers were not disclosed on the exchange. The stake sale comes amid recent financial headwinds for JSW Energy. Shares of JSW Energy slipped by 0.44% to close at Rs 451.60 apiece on the BSE.
In October, JSW Energy reported its consolidated net profit declined over 17% year-on-year to Rs 705 crore in the September quarter, weighed down by a surge in expenses.
It had clocked a net profit which is the profit after tax or PAT of Rs 853 crore in the second quarter of the preceding 2024-25 financial year, the JSW Group entity said in an exchange filing.
In the latest July-September period, the company registered a 59% year-on-year rise in total revenues to Rs 5,361 crore from Rs 3,459 crore in the year-ago period.
Shares of JSW Energy closed 0.44% lower at Rs 451.60 on the BSE after the deal.
JSW Energy also looks to operationalise its battery assembly plant in Pune, Maharashtra, in the third quarter of this financial year, a company official said earlier this year.
In an investor call, the company's Joint Managing Director and chief executive office, Sharad Mahendra, also said that trial runs for green hydrogen project having a capacity of 3,800 tonnes per annum at Vijayanagar are near complete and its commissioning is expected soon.
The company is setting up a battery assembly plant at Pune in Maharashtra with an annual capacity of 5 gigawatt hour, he said. This facility is dedicated to supporting Battery Energy Storage Systems, he said, adding the company expects to operationalise it in the third quarter of fiscal year 2026.
(With inputs from PTI)
