JSW Energy will use the proceeds of the qualified institutional placement (QIP) for repayment and prepayment of its debt and also to invest in its renewable arm, JSW Neo Energy, according to the placement documents filed by the company.
Earlier this week, the company’s board gave its approval for `5,000-crore fundraising through the QIP route.
The QIP opened for subscription on April 2 and closed on Friday. The company set a floor price of `510.09 for the issue and had said it may offer a discount of not more than 5%.
Of `5,000-crore proceeds, the company plans to use `3,139 crore towards repayment/prepayment of debt, `611 crore towards investment in Neo Energy, and the rest towards general corporate purposes, the company said.
The company’s net debt has gone up by `9,840 crore in Q3FY23 to `26,286 crore in Q3FY24. Its net debt-to-equity has gone up from 0.5 in Q3FY23 to 1.3 in Q3FY24. The company had `2,867 crore cash as of Q3FY24.
JSW Energy had renewable assets of 5,934 MW as on Q3FY24, of which 3,628 MW is wind, 1,631 MW is hydel, and 675 MW solar.
It had total operational renewable assets of 3,681 MW and 2,253 MW of under-construction assets, which are to be operational by CY24.
Between FY23 and FY30, the company plans to add 10.2 GW of renewable energy projects at a capex of `74,000 crore. JSW has set a target to cut its carbon footprint by 50% by 2030 and achieving carbon neutrality by 2050.
Its total renewable generation was up by 71% year-n-year at 1.4 Bus, while total thermal generation was up by 37% y-o-y at 4.7 Bus.
The company’s total operating renewable energy revenue increased 93% y-o-y to `545 crore, driven by acquired renewables portfolio and greenfield renewable assets.
The company’s stock rose 2.74% to end at `598.90 on Friday