JSW Infrastructure on Wednesday said it has completed a ₹7,503-crore qualified institutions placement (QIP), attracting strong demand from global and domestic institutional investors and marking one of the largest capital raises in India’s infrastructure sector in recent years.
The QIP saw nearly 6.7 times subscription, with bids worth around ₹50,530 crore from a diversified investor base comprising domestic mutual funds, insurance companies and foreign institutional investors, largely long-only and pension funds. The issue included a primary capital raise of ₹6,555 crore by the company, along with an offer for sale by a promoter selling shareholder.
According to the company, the transaction is the first in India to combine a primary issuance and an offer for sale within a single QIP structure. Proceeds from the issue will be used to support JSW Infrastructure’s ₹39,000-crore multi-year capital expenditure programme, strengthen its balance sheet and help meet minimum public shareholding norms.
JM Financial Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, SBI Capital Markets Limited and Jefferies India Private Limited were the Book Running Lead Managers to the QIP.
Khaitan & Co. was the Legal Counsel to the Company and the Selling Shareholder, while Trilegal and Linklaters Singapore Pte. Ltd. were the Legal Counsels to the Book Running Lead Managers.
