GQG Partners Divests Stake in JSW Energy Amid Profit Decline

GQG Partners, a US-based investment firm, sold shares of JSW Energy worth Rs 676 crore, reducing its stake to 0.92%. The shares were sold for Rs 444 each. JSW Energy's recent quarterly report showed a 17% decline in net profit, despite a 59% rise in total revenue.

US-based investment entity GQG Partners finalized the sale of JSW Energy shares for Rs 676 crore through a public market transaction.

Backed by NRI Rajiv Jain, GQG Partners, via GQG Partners Emerging Markets Equity Fund, divested over 1.52 crore shares (1,52,40,805), equating to a 0.87% stake in JSW Energy. These shares were sold at an average price of Rs 444 each, culminating in a transaction value of Rs 676.69 crore.

Following this transaction, GQG’s holding in JSW Energy dropped from 1.79% to 0.92%. The identity of the buyers remains undisclosed. Concurrently, JSW Energy's stock fell by 0.44%, closing at Rs 451.60 on the BSE. In a contrasting development, JSW Energy's quarterly results showed a 17% YOY net profit reduction to Rs 705 crore, despite a 59% increase in total revenue to Rs 5,361 crore.