JSW Infrastructure Ltd. on Wednesday dismissed a news report that claimed that the company was planning to raise Rs 5,000 crore via a qualified institutional placement issue.
"We hereby confirm that JSW Infrastructure Ltd. is currently not in any discussion as referred to in the above captioned news item, and no such proposal has been placed for discussion before the board," the company said in the filing.
The company will keep the shareholders informed about any material developments or information that may impact its business, financial performance, or stock price, it added.
The clarification came shortly after JSW Infrastructure's shares jumped nearly 7%. The surge was triggered after CNBC-TV18, citing unnamed sources, reported that the company is looking to raise funds in excess of Rs 5,000 crore via the QIP route.
Shares of the company pared gains to trade 5.85% higher at Rs 334.5 on the NSE as of 1:38 pm. In comparison, the benchmark Nifty 50 declined 0.08%.
The stock has risen 113.1% during the last 12 months and has advanced by 61.1% on a year-to-date basis. The total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was 79.6.
Six out of the nine analysts tracking JSW Infrastructure have a 'buy' rating on the stock and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 111.8%.
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