ICICI Bank sells 93 lakh shrs of JSW Energy on 1st day

JSW Energy closed its first trading session just above its issue price. It settled at Rs 100.2, up 0.2% over its issue price of Rs 100. ICICI Bank was the only major seller, which sold 93 lakh shares at Rs 100.03 per share.

The stock touched an intraday high of Rs 106.35 and low of Rs 100 on Monday. It witnessed turnover of Rs 779 crore on the NSE.

The company raised around Rs 2,700 crore from initial public offering (IPO), which was subscribed 1.68 times. It will be utilising the issue proceeds for partially financing construction and development of the Identified Projects aggregating to 2,790 MW in capacity & 400 KV transmission project and mining venture (at cost of Rs 2,142.53 crore) and repayment of corporate debt (Rs 470 crore).

JSW Energy is an established energy company with 860 megawatts, or MW, of operational generating capacity and 2,790 MW of generating capacity in the construction or implementation phase, 135 MW of which has been commissioned.