Tuesday, April 23, 2024
HomeBusinessJSW Energy Hits 52-Week High On Plans To Raise Rs 5,000 Crore...

JSW Energy Hits 52-Week High On Plans To Raise Rs 5,000 Crore Via QIP – News18


JSW Energy QIP: The company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the issue.

JSW Energy QIP: The company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the issue.

JSW Energy said the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the issue

Shares of JSW Energy rose over 2 per cent to hit a 52-week high of Rs 558 on Wednesday after the company announced plans to raise Rs 5,000 crore through qualified institutional placements (QIP) in one or more tranches.

The company board said it would raise up to Rs 5,000 crore in QIP in one or more tranches. The issue price will be out on April 5.

“We further wish to inform you that the Finance Committee of the Board has fixed the ‘Relevant Date’ for the purpose of the issue, in terms of Regulation 171 (b)(i) of the SEBI ICDR Regulations, as 2nd April, 2024, and accordingly the floor price in respect of the issue has been determined, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations, as Rs 510.09 per Equity Share,” JSW Energy said.

JSW Energy said the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the issue.

“In terms of Regulation 29(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we also wish to inform you that a meeting of the Finance Committee of the Board is scheduled to be held on 5 th April, 2024, to consider and approve, inter-alia, the issue price of the equity shares to be issued pursuant to the issue, including a discount, if any thereto, as permitted under the SEBI ICDR Regulations,” JSW Energy said.

The QIP will not exceed Rs 5,000 crore and would be raised in one or more tranches subject to such regulatory, statutory approvals as may be required. The board has authorised the Finance Committee of the board to take all the necessary decisions in this regard, JSW Energy said.

The company had received shareholder’s approval through a special resolution passed on 30 June, 2023, for the equity shares to be allotted to the qualified institutional buyers pursuant to the issue.

The energy company reported a strong 24.36 per cent on year growth in its consolidated net profit for the third quarter of FY24, primarily driven by robust performances in its thermal portfolio and merchant sales.

In terms of revenue, the company saw a 13.3 per cent year-on-year growth to Rs 2,661.41 crore for the quarter, up from Rs 2,349.79 crore in the corresponding period of the previous year.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments