JSW Infrastructure launches ₹7,503 crore QIP; issue priced at ₹285 per share

Sajjan Jindal-owned JSW Infrastructure Ltd on Monday (June 22) has launched a qualified institutions placement (QIP) with an indicative issue size of up to ₹7,502.7 crore, according to a CNBC TV18 newsbreak dated June 12.

The issue comprises a fresh issue of ₹6,555 crore and an offer for sale (OFS) worth ₹947.7 crore. The indicative issue price has been set at ₹285 per equity share, reflecting a 7.2% discount to the NSE closing price on June 22, 2026.

The QIP includes an estimated dilution of around 9.9% of post-issue equity capital through the fresh issue and about 1.4% through the OFS.

Proceeds from the fresh issue will be used for capital expenditure requirements, financing investments in subsidiaries for ongoing project development, and repayment or pre-payment of borrowings of the company and its subsidiaries.

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Funds will also be allocated towards strategic investments, inorganic growth through acquisitions, and general corporate purposes. The financing plan includes investments in subsidiaries for capex, repayment of certain outstanding borrowings through subsidiary-level investments, and funding of acquisitions and other strategic initiatives.

The company has set a contractual lock-in period of 60 days for the company and 12 weeks from closing for the promoter.

Earlier, JSW Infrastructure's Finance Committee had approved the opening of its qualified institutions placement (QIP) on June 22, 2026. The committee has fixed the floor price at ₹290.35 per equity share. The relevant date for the offer has also been set as June 22, 2026.

The offer comprises a fresh issue of up to 230 crore equity shares by the company and an offer for sale of up to 33.25 crore equity shares by Sajjan Jindal Family Trust, the promoter selling shareholder.

The Finance Committee has approved the preliminary placement document dated June 22, 2026, along with the application form for the offer. The company said the offer price will be determined by the Finance Committee in consultation with the book-running lead managers appointed for the issue. A discount of up to 5% on the floor price may be offered.

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The development comes months after JSW Infrastructure's board approved fundraising through the issuance of up to 25 crore shares in February.

The company is in the middle of a large-scale investment cycle. It has outlined a capital expenditure plan of ₹30,000 crore for the period between FY25 and FY30, with nearly ₹16,500 crore of capex planned up to FY28.

SEBI regulations require listed companies to maintain a minimum level of public shareholding, and a QIP is one of the routes companies can use to comply with the norms while simultaneously raising growth capital.

Fourth Quarter Results

JSW Infrastructure reported a 17.9% year-on-year decline in net profit for the fourth quarter at ₹418.3 crore, compared with ₹509.4 crore in the corresponding period last year.

The company said the profit figure is before considering an exceptional item of ₹68 crore related to an estimated loss from a fire incident at the Fujairah Liquid Terminal, ₹5 crore (adjusted for tax) towards employee costs arising from the implementation of the new Labour Code, and an unrealised forex loss of ₹43 crore (adjusted for tax).

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Revenue for the quarter rose 18.6% to ₹1,522.3 crore from ₹1,283.2 crore a year earlier. EBITDA increased 19.9% year-on-year to ₹768.8 crore against ₹641 crore in the year-ago period. EBITDA margin stood at 50.5% for the quarter, compared with 50% in the corresponding quarter last year.

Cargo handled volumes during the quarter stood at 31.6 million tonnes, up 1% from a year ago. The growth was driven by higher volumes at South West Port, Dharamtar Port and Jaigarh Port due to increased cargo from anchor customers, along with contributions from interim operations at the Tuticorin Terminal and the JNPA Liquid Terminal.

Shares of JSW Infrastructure Ltd ended at ₹307.25, down by ₹1.40, or 0.45%, on the BSE.