FCC

JSW Energy to raise Rs 100 billion for expansion

2024-05-09

The board of JSW Energy has sanctioned the raising of funds up to Rs 100 billion in one or more installments. This decision stems from the power producer's pursuit of acquiring clean energy companies available for sale in the market, aligning with its goal to achieve a capacity of 20 Gigawatts (GW) by 2030.

As per a regulatory filing on May 7, the company stated its intention to carry out this fundraising through various means like private offerings, preferential allotments, or qualified institutions placements, either individually or in combination, in accordance with prevailing laws.

Furthermore, JSW Energy has proposed to obtain enabling approval from the board members during the upcoming Annual General Meeting to raise funds not exceeding Rs 100 billion as and when the need arises.

Pritesh Vinay, Director (Finance) & Chief Financial Officer, remarked, "There is also a lot of inorganic play available in the market, and at the time of a right opportunity, we don't want to be constrained by the necessary board approval for a capital raise."

As of March 31, 2024, the company's consolidated net worth and net debt stood at Rs 208.32 billion and Rs 266.36 billion, respectively, resulting in a net debt-to-equity ratio of 1.3.