JSW Energy Share Price Up Nearly 6 Per Cent As Stock Extends Gains For Third Straight Day

JSW Energy share price continued to gain for the third straight day on March 11 on the NSE. The stock has gained nearly 6 per cent in three sessions to trade at an intraday high of Rs 519.5 apiece on the NSE. JSW Energy Ltd shares gained nearly 3 per cent to trade at an intraday high on March 11.

Shares of JSW Energy have continued to gain for the last three sessions after the company informed the exchanges on March 6 that a resolution plan submitted by the company has been approved and the acquisition of KSK Mahanadi Power Company Ltd is complete. Following the completion of the resolution plan KSK Mahanadi became a subsidiary of JSW Energy. The Chhattisgarh-based company operates three coal-powered units of 600 MW each.

Earlier on March 4, JSW Energy informed the exchanges that the National Company Law Tribunal, Hyderabad Bench had approved the resolution plan submitted by the company for the corporate insolvency resolution process of KSK Mahanadi Power Company.

JSW Energy said in the release that Rs. 16,084.08 crore has been paid as a part of KSK Mahanadi Power Company Ltd’s resolution plan. The company added that it now holds 74 per cent equity shares of KSK Mahanadi Power Company Ltd. Notably the secured financial creditors of the company hold the remaining 26 per cent stake, as per the terms of the resolution plan.

“We wish to inform you that pursuant to the NCLT Approval Order and CCI Approval Order, the Resolution Plan has now been implemented and the acquisition of KSK Mahanadi Power Company Limited is complete. The Resolution Amount of Rs. 16,084.08 crores has been paid,” JSW Energy said.

The acquisition of KSK Mahanadi Power Company Ltd is JSW Energy's third major power sector acquisition. Earlier in 2022 the company acquired the 700 MW Ind Barath Energy (Utkal), in December 2022 for Rs 1,048 crore, and 1753 MW renewable energy company Mytrah Energy for around Rs 10,150 crore.

In a year shares of JSW Energy have traded lower by over 1 per cent on the NSE. Shares of JSW Energy have fallen more than 20 per cent on a year-to-date (YTD) basis. In six months the company’s shares have declined by nearly 32 per cent. In a month the stock has climbed over 3 per cent.

Shares of JSW Energy Ltd traded at Rs 517.65 apiece up by 2.43 per cent on the NSE at the time of writing