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  1. #1
    YouR De$i RaPPeR
    Join Date
    Jun 2009
    Spain BCN (Barcelona)

    Default JSW rises to Rupees 103 within minutes of listing

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    JSW Energy, a part of Sajjan Jindal-led JSW Group, today rose to Rupees 103 within minutes of listing a premium of 2 per cent at Rupees 102 on the Bombay Stock Exchange on the first trading day of 2010 today.

    The issue touched an intraday high of Rs 106.40, rising above the market expectations, as the market had expected it to list below its issue price.

    By rising to Rs 103 in the opening trade, the shares registered a three per cent gain over the issue price of Rs 100.

    On the National Stock Exchange, the scrip was listed with six per cent premium at Rs 106.

    The company, which listed over 164 crore shares on the bourses, witnessed change of hands of 12.34 lakh shares.

    The issue has attracted bids 1.67 times the shares on offer, marking the lowest for an energy share sale in 2009.

    For retail investors, issue price was fixed at Rs 95 per share, at a discount of Rs 5 to the original issue price.

    The company intends to utilise the issue proceeds for partially financing construction and development of the Identified Projects aggregating to 2,790 MW in capacity and 400 KV transmission project and mining venture (at cost of Rs 2,142.53 crore) and repayment of corporate debt (Rs 470 crore).

    The Company Chairman Sajjan Jindal told newsmen here today , ''JSW Energy has a generating capacity of 995 megawatt (MW) and plans to raise it to 3,140 MW by October 2010. The Group's flagship company, JSW Steel, will consume 300 MW once the new capacities come online.'' Some of the IPO proceeds would also be used to part-fund its transmission project at Ratnagiri for which a 74:26 joint venture was formed with the Maharashtra State Transmission Company in August 2008.


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