Jupiter Wagons Ltd. Receives Board Approval To Raise INR 700 Crore Through QIP As per the company, the fund will be utilized for ramping up wagon manufacturing capacity, new foundry plant at Jabalpur wagon facility and so on
By Teena Jose
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Jupiter Wagons Limited (JWL), a provider of comprehensive mobility solutions encompassing rail, road, and marine transportation has successfully received the board approval to raise INR 700 crore through QIP. The same will be raised through the issuance of Equity Shares in accordance with Chapter VI of the Securities and Exchange Board of India.
According to an official statement, the company is set to issue equity shares with a total value of INR 700 crore, a strategic move aimed at bolstering the company's resources for expansion, subsidiary investments, joint ventures, capital adequacy enhancement, and various manufacturing endeavors.
"The objective is to further strengthen the company's financial position and solidify our market presence and leadership position. With a vision to amplify the government's goal to elevate the rail infra network in India, we at Jupiter Wagons are optimistic to be the most preferred partner. The fund will be utilized for ramping up wagon manufacturing capacity, new foundry plant at Jabalpur wagon facility, expansion of existing foundry plant at Kolkata wagon facility, and backward integration of wagon business," said Vivek Lohia, managing director, JWL.
