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The Economic Times
The Economic Times
Veer Sharma

How JSW Energies’ Rs 3,150-crore JSW Steel stake sale will help lower debt, Jefferies explains

Jefferies JSW Steel JSW Energy GQG SBI Mutual Fund

Jefferies has turned more constructive on JSW Energy after its Rs 3,150 crore stake sale in JSW Steel to GQG and SBI Mutual Fund, saying the transaction should help improve leverage metrics and support the company’s aggressive capacity expansion plans. The brokerage raised its target price on JSW Energy to Rs 675 from Rs 660, implying a potential upside of 31% from current market levels.

In an exchange filing, JSW Energy said it sold 25 crore equity shares of JSW Steel on the NSE on May 18 as part of a strategic liquidity release. Following the transaction, the company will continue to hold 4.5 crore shares in JSW Steel.

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