JSW Infrastructure raised ₹7,503 crore through a qualified institutional placement (QIP), with global investors such as FMR, Capital Group and BlackRock and domestic mutual funds, including HDFC Mutual Fund and SBI Mutual Fund, participating in the fundraise.
Shares of JSW Infrastructure gained 2.72% to close at Rs 330.90 on the National Stock Exchange.
First-of-its-Kind
The QIP is notable for being the first transaction in India to combine a primary issuance and a promoter offer for sale (OFS) within a single QIP structure — a primary issuance of ₹6,555 crore by the company, with the balance being raised through an OFS by the promoter.
The QIP garnered 6.7 times demand, attracting bids of around ₹50,530 crore from a diversified investor base, JSW Infrastructure said on Wednesday.
Funding a Rs 39,000-Crore Capex
The transaction enables the company to raise growth capital to support its ₹39,000-crore multi-year capital expenditure programme, facilitate compliance with minimum public shareholding requirements and broaden its institutional shareholder base.
Rinkesh Roy, joint managing director and CEO, said: “With this capital, we are well positioned to pursue our growth trajectory, including the expansion of port capacities to 400 MTPA by FY2030, strengthening our logistics network, and pursuing selective strategic opportunities, while reinforcing our position as a leading ports and logistics solutions company supporting India’s trade growth.”
JM Financial, Avendus Capital, Citigroup Global Markets, HSBC Securities and Capital Markets, SBI Capital Markets and Jefferies were the book running lead managers to the QIP.