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JSW Investments has sold off a 1.27% stake in JSW Energy through a block deal, earning Rs 717 crore. During this transaction, GQG Partners purchased shares worth Rs 351 crore.
On Wednesday, JSW Investments Pvt. reduced its ownership in JSW Energy Ltd. by 1.27% through open market dealings, generating Rs 717 crore. The shares of JSW Energy were purchased by several entities, including GQG Partners, Washington State Investment Board, AustralianSuper, Reliance Trust Institutional Retirement Trust Series Twelve, Witan Investment Trust Plc, and Alliance Trust Plc.
According to BSE block deal data, JSW Investments sold 2.10 crore shares of JSW Energy, representing a 1.27% stake, at an average price of Rs 341.7 per share. As a result, the total transaction value was Rs 717.57 crore. JSW Investments' share in JSW Energy fell from 20.22% to 18.95% at the end of the June quarter as a result of this sale.
JSW Energy's shares gained 6.66% on the BSE, finishing at Rs 368.10 per share. GQG Partners Emerging Markets Equity Fund paid Rs 411 crore for more than 1.19 crore shares of JSW Energy in a transaction on Monday. JSW Energy recorded a 48% drop in its consolidated net profit for the April-June quarter, totaling Rs 290 crore, last month. This decrease was related to non-operational expenses incurred as a result of the recent Mytrah acquisition as well as the insolvency-based transaction involving the Ind-Barath 700 MW thermal plant.
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