Indian JSW Energy Raises $600 Million with UAE Backing
The injected funds will fortify JSW Energy's capital structure and accelerate its growth endeavors.
India-based JSW Energy Limited has concluded a fundraising round, securing $600.26 million through the issuance of shares to institutional investors. Notably, the Abu Dhabi Investment Authority (ADIA) participated in this capital infusion.[1]
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JSW Energy revealed that its qualified institutions placement (QIP) garnered more than 3.2 times the subscription.
Among the participants in the QIP are asset managers like GQG, Nomura, Blackrock, UBS, and Wellington.
This fundraising milestone stands as the largest primary equity raise within the Indian power sector in the past decade and ranks among the top three largest primary equity raises in the sector's history.
The injected funds will fortify JSW Energy's capital structure, furnish financial flexibility, and accelerate its growth endeavors.
JSW Energy was incorporated on March 1994 as a Joint Venture between JSW Steel Ltd and Tractebel S.A., Belgium, with the name Jindal Tractebel Power Company Ltd.
Earlier this week, Purplle, an Indian e-commerce platform specializing in beauty products, was reportedly in early discussions for a $100 million investment from the Abu Dhabi Investment Authority (ADIA).