The firm may raise funds by way of issuance of equity shares or any other eligible securities and other securities convertible into equity shares (including warrants) through permissible modes, including by way of one or more qualified institutions placement (QIP) or through any other permissible mode and combination

The proposal is subject to such regulatory or statutory approvals as may be required and the approval of shareholders of the company.

Jindal SAW manufactures submerged arc welded pipes (SAW) and spiral pipes for the energy transportation sector; carbon, alloy and seamless pipes and tubes for industrial applications; and ductile iron (DI) pipes & fittings for water and wastewater transportation.

The company reported consolidated net profit of Rs 375.73 crore in Q2 FY24, steeply higher than Rs 59.42 crore posted in Q2 FY23. Net sales jumped 35.2% YoY to Rs 5,466.13 crore in Q2 FY24.

Shares of Jindal Saw declined 1.88% to Rs 442.75 on the BSE.