Independent power producer JSW Energy has raised ₹39.99 billion (~$417 million) through a qualified institutional placement (QIP) of equity shares.

The transaction marked JSW’s second equity raise since its bourse listing in 2010.

JSW Energy allotted 76.19 million equity shares with a face value of ₹10 (~$0.10) each to qualified institutional buyers at an issue price of ₹525 (~$5.49) per share.

The issue price included a premium of ₹515 (~$5.39) per share and a discount of ₹9.05 (~$0.09) per share, or 1.69%, to the floor price determined under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations.

Following the allotment, JSW Energy’s paid-up equity share capital increased to ₹18.33 billion (~$191.79 million), comprising 1.83 billion equity shares of ₹10 (~$0.10) each.

The company said the qualified institutional placement drew participation from domestic mutual funds, global institutional investors, and insurance companies. The allotment disclosure listed SBI Equity Hybrid Fund and GQG Partners Emerging Markets Equity Fund among allottees that received more than 5% of the equity shares offered in the issue.

SBI Equity Hybrid Fund was allotted 36.89 million shares, accounting for 48.42% of the issue size. GQG Partners Emerging Markets Equity Fund was allotted 18.39 million shares, accounting for 24.13% of the issue size.

JSW Energy said that the proceeds from the equity raise, along with liquidity from the recent preferential allotment to promoters and the monetization of JSW Steel shares, amounting to ₹31.5 billion (~$329.59 million), would strengthen its balance sheet and support its growth plans.

The company said the capital from these transactions would help reduce net leverage and support project execution.

Sharad Mahendra, Joint Managing Director and Chief Executive Officer at JSW Energy, said the capital raise would support the company’s Strategy 3.0 across renewable, thermal, and energy storage platforms.

Prabhakaran Chandrasekaran, Chief Financial Officer at JSW Energy, said the proceeds would strengthen the company’s capital structure, support deleveraging, and help it work toward a target net leverage of less than 5x by 2030.

Jefferies India was the sole book-running lead manager for this transaction. Khaitan & Co. was legal counsel to JSW Energy, while Shardul Amarchand Mangaldas & Co. and Linklaters Singapore were legal counsels to the book-running lead manager.

JSW Energy has a locked-in generation capacity of 32.1 GW, including 13.7 GW of operational projects and 13.8 GW under construction across thermal, hydro, and renewables. The company also has a project pipeline of 4.6 GW. It also has 29.6 GWh of locked-in energy storage capacity, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems.

The company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030 and achieve carbon neutrality by 2050.

In the fourth quarter of the financial year 2026, JSW posted a revenue of ₹48.51 billion (~$513.49 million, an increase of 38.7% year-over-year from ₹34.97 billion (~$370.17 million).

Last year, JSW commissioned a green hydrogen production plant at the JSW Steel facility in Karnataka’s Vijayanagar, supplying 3,800 tons per annum of green hydrogen and 30,000 TPA of green oxygen to JSW Steel for low-carbon steel production under a seven-year offtake agreement.