JSW Energy to use QIP proceeds to cut debt, for green arm

JSW Energy will use the proceeds of the qualified institutional placement (QIP) for repayment and prepayment of its debt and also to invest in its renewable arm, JSW Neo Energy, according to the placement documents filed by the company.

Earlier this week, the company’s board gave its approval for `5,000-crore fundraising through the QIP route.

The QIP opened for subscription on April 2 and closed on Friday. The company set a floor price of `510.09 for the issue and had said it may offer a discount of not more than 5%.