India’s JSW Energy to raise $600 million via share sale

BENGALURU (Reuters) -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.

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.

($1 = 83.3992 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Shounak Dasgupta and Anil D’Silva)

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