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JSW Energy to raise $600 mn via share sale

By Reuters

  • 03 Apr 2024
JSW Energy to raise $600 mn via share sale
JSW's logo on the company's headquarters in Mumbai, Feb. 11, 2016. | Credit: Reuters/Danish Siddiqui

Power producer JSW Energy said on Tuesday it would raise up to 50 billion rupees ($599.5 million) by selling shares to institutional investors.

The share placement could be done in one or more tranches at a floor price of 510.09 rupees apiece on April 5 - a 6% discount to the company's last closing price of 540.20 rupees, JSW Group's energy arm said.

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

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It is targeting total capacity of 20 gigawatts (GW) by fiscal 2030 and becoming carbon neutral by fiscal 2050 . It currently has a capacity of 9.79 GW, as of Dec. 31, 2023.

JSW Energy's shares closed 4.6% higher ahead of the news.

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