Chandigarh, July 2: JSW Infrastructure Limited successfully completed a landmark INR7,503 crore Qualified Institutions Placement , marking the first transaction in India to combine a primary issuance and an offer for sale by a promoter selling shareholder within a single QIP structure. The QIP comprised a primary issuance of INR6,555 crore by the Company, with the balance being raised through an offer for sale by the promoter selling shareholder. The transaction enabled the Company to raise growth capital to support its INR39,000 crore multi-year capital expenditure programme, facilitate compliance with minimum public shareholding requirements and significantly broaden its institutional shareholder base through the induction of several marquee global and domestic investors. The QIP offering is among the largest QIP issuances undertaken in India’s industrial and infrastructure sector in recent years.
The QIP garnered ~6.7x demand, attracting bids of around INR50,530 crore from a diversified investor base comprising domestic mutual funds, insurance companies, and foreign institutional investors primarily long-only and pension funds. Participation from marquee global investors such as FMR, Capital Group and BlackRock, among others and blue-chip domestic mutual funds including HDFC Mutual Fund and SBI Mutual Fund, among many others, reflects strong conviction in the Company’s growth strategy and long-term prospects.
JM Financial Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets 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.