JSW Infrastructure has closed its Rs 7,503-crore qualified institutional placement (QIP), with the company’s Finance Committee approving the issue’s closure on June 25 after receiving application forms and funds from eligible qualified institutional buyers.

According to a PTI report, the Sajjan Jindal-promoted company’s QIP attracted bids worth more than Rs 50,350 crore, nearly seven times the indicative issue size of up to Rs 7,503 crore.

In a stock exchange filing, JSW Infrastructure said the Finance Committee approved the allotment of 23 crore equity shares under the fresh issue and 3.33 crore equity shares under the offer for sale (OFS) by the Sajjan Jindal Family Trust at an issue price of Rs 285 per share.

The issue price represents a discount of Rs 5.35 per share, or 1.84 percent, to the SEBI floor price of Rs 290.35 per share. The QIP had opened on June 22.

The fundraising comprised a fresh issue of Rs 6,555 crore and an OFS worth around Rs 948 crore by the promoter entity. The company said proceeds from the fresh issue will be used towards capital expenditure, investments in subsidiaries for ongoing project development, repayment or pre-payment of borrowings, strategic investments, acquisitions and general corporate purposes.

The Finance Committee also approved the placement document dated June 25 and the confirmation of allocation notes to be issued to successful qualified institutional buyers.

The fundraise comes as JSW Infrastructure executes its long-term expansion plans. The company has outlined a capital expenditure programme of Rs 30,000 crore between FY25 and FY30, with nearly Rs 16,500 crore of investments planned through FY28.

Shares of JSW Infrastructure ended 2.33 percent lower at Rs 330.50 on June 25. The stock has gained around 4.1 percent over the past year, compared with a 5.8 percent decline in the Nifty 50.