JSW Infra Quashes Report Of ₹5,000 Cr Fundraise Via QIP
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

JSW Infrastructure has quashed reports of raising funds through a qualified institutional placement (QIP) on Wednesday.

What Happened: The shares of the company rose over 5% after a report said the company is planning to raise over ₹5,000 crore via a QIP. The company released a statement on Wednesday, denying the report.

“JSW Infrastructure Limited is currently not in any discussion… no such proposal has been placed for discussion before the board,” the company said in a press release.

See Also: Samsung India Plans Layoffs Amid Declining Sales And Intensifying Market Competition: Report

The company is looking to meet its capital expenditure needs and comply with the minimum public shareholding (MPS) regulations through the fundraise, CNBC-TV18 had previously reported, citing sources. As of June 2024, promoters held an 85.61% stake in the company, but they must hold 75% or less of the company’s stake to comply with MPS norms.

The JSW Group firm recently laid out a ₹2,359 crore investment plan to expand the capacity of its Jaigarh and Dharamtar Port. The investment forms part of the company's ambitious FY30 growth strategy, which aims to boost capacity from the current 170 million tonnes per annum to 400 million tonnes per annum.

The expansion will see Jaigarh Port's overall capacity rise to 70 million tonnes per annum from the current 55 million tonnes per annum, and Dharamtar Port to 55 million tonnes per annum from the current 34 million tonnes per annum

Last month, Jefferies initiated coverage on the stock with a "buy" rating, propping up the company's shares. The brokerage firm has a target price of ₹375 for JSW Infra, which translates to a 21% increase in the stock's value.

Price Action: JSW Infra’s shares gained 5.21% to trade at ₹332.45 on Wednesday.

Read Next: Adani Says No ‘Binding Agreement’ With Tower Semiconductor For $10B Chip Plant In Maharashtra

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EquitiesNewsMarketsMoversTrading IdeasJSW GroupJSW Infrastructure