JSW Energy shares hit all-time high as company launches QIP to raise Rs 5,000 crore

JSW Energy QIP news, JSW Energy share price: JSW Energy shares on Wednesday, April 3, clocked an all-time high as the JSW Group's energy arm's qualified institutional placement (QIP) opened today at a floor price of Rs 510.09, a nearly 6 per cent discount to the company's last closing price of Rs 541.95.

The Sajjan Jindal-led firm's board gave a nod to raising Rs 5,000 crore via QIP on Tuesday post-market hours.

The energy stock rose as much as 7.86 per cent to clock its all-time high of Rs 584.55, surpassing the earlier peak of Rs 543.8 touched in the previous session on the BSE in early morning deals. The counter closed at Rs 581.05, up 7.21 per cent on BSE. 

The board has authorised the Finance Committee of the board to take all the necessary decisions in this regard, the company said in a BSE filing.

According to the filing, the JSW Energy Board, in its meeting on Tuesday, approved a qualified institutional placement of equity shares with a face value of Rs 10 each to the eligible investors for an aggregate amount not exceeding Rs 5,000 crore in one or more tranches, subject to such regulatory or statutory approvals as may be required.

According to its official website, the company generates 6,677 MW, of which 3,158 MW is thermal power, 1,391 MW is hydropower, 1,461 MW is wind power, and 667 MW solar power.

The company did not provide any details on how it plans to use the proceeds.

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