Wedoany.com Report-Jan 14, JSW Energy shares gained 4.8 per cent trade on BSE, logging an intraday high at Rs 543 per share. The upmove in the stock came after the company received a letter of intent from the Resolution Professional for its resolution plan submitted for KSK Mahanadi Power Company.
Around 9:26 AM, JSW Energy shares were up 4 per cent at Rs 538.75 per share on BSE. In comparison, the BSE Sensex was up 0.54 per cent at 76,745.37. The market capitalisation of the company stood at Rs 94,161.03 crore. The 52-week high of the stock was at Rs 804.95 per share and the 52-week low was at Rs 451.8 per share.
"We wish to inform that the resolution plan submitted by the Company for KSK Mahanadi Power Company Limited (KMPCL) under the corporate insolvency resolution process of the insolvency and bankruptcy code, 2016, has been approved by the Committee of Creditors and the company has received a Letter of Intent from the Resolution Professional," the filing read.
The company further said that it will now await the regulatory approvals from the National Company Law Tribunal (NCLT) and Competition Commission of India (CCI).
As per the filing, KPMCL owns 1,800 MW operational and another 1,800 MW under construction thermal power plant located in the state of Chhattisgarh.
“I am pleased to share a significant milestone in our company's journey as we receive the letter of intent for 3,600 MW KSK Mahanadi thermal power plant. This strategic move positions us to address the increasing energy needs of our nation through a diversified energy mix, integrating both conventional and renewable sources. Strategically located near a coal block, the plant boasts PPA tie-ups and efficient operations, ensuring a reliable power supply. As we move forward, we will continue to explore new opportunities and strive to remain at the forefront of the energy sector,” said Sharad Mahendra, joint managing director and CEO, JSW Energy
That apart, recently, JSW Energy acquired three special purpose vehicles (SPVs) collectively holding a portfolio of 125 MW of Renewable Energy generation capacity from Hetero Labs Limited and Hetero Drugs Limited (Hetero Group) through its arm JSW Neo Energy. The transaction valued the portfolio at an enterprise valuation of approximately Rs 630 crore, excluding net current assets and other adjustments under the SPAs.
JSW Energy is a prominent energy company in India, part of the JSW Group, focusing on power generation, transmission, and distribution. It operates a diverse portfolio of energy assets, including thermal, hydro, and renewable energy projects. While traditionally centered on coal-based power plants, the company has increasingly shifted towards renewable energy, with significant investments in wind and solar power to align with India's sustainability goals.
In the past one year, JSW Energy shares have gained 7.1 per cent against Sensex's rise of 5.1 per cent.
