India-based JSW Energy Limited has successfully raised Rs 50 billion ($600.26 million) through the sale of shares to institutional investors, including the Abu Dhabi Investment Authority (ADIA).

 The qualified institutions placement (QIP) received more than 3.2 times the subscription, the company said in a statement to the Bombay Stock Exchange.

Global asset managers such as GQG, Nomura, Blackrock, UBS and Wellington are among the investors participating in the QIP.

The fundraising marks the largest primary equity raise in the Indian power sector over the last decade and ranks among the top three largest primary equity raises in the sector’s history, the statement added.

The new funds will bolster the company’s capital structure, provide financial flexibility and expedite growth initiatives.
 
JSW Energy is currently engaged in the construction of power projects totalling 2.6 gigawatts.
 

Earlier, Purplle, an Indian online beauty retailer, is in the early stages of talks for a $100 million investment from Abu Dhabi Investment Authority (ADIA), Mint, an Indian business newspaper, reported, citing informed sources.

(Editing by Seban Scaria seban.scaria@lseg.com)