Shares of JSW Energy are in focus on Wednesday morning after the company announced kicking start of its qualified institutional placement (QIP) at a floor price of Rs 510.09, which was at 6 per cent discount to Tuesday's closing price of Rs 541.95. 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 shareholders 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.