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Jupiter Wagons is set to hold a board meeting on Tuesday, 5 September 2023, to discuss and approve a proposal for raising funds. The company will explore multiple avenues for fundraising, including the issuance of equity shares, convertible preference shares, bonds, and other equity-linked instruments. The proposed methods may involve private placement, qualified institutional placements (QIP), or further public issues of equity.
The company's decision to proceed with the fundraising proposal is contingent upon shareholders' approval as well as the necessary statutory, regulatory, and other approvals.
Jupiter Wagons is a leading provider of complete mobility solutions with a diverse product portfolio. Its products include wagons, couplers, draft gears, bogies, crossings, and accessories for various types of coaches and vehicles. The company has recently entered the electric mobility market with Jupiter Electric Mobility (JEM), focusing on small and medium commercial electric vehicles. Jupiter Wagons serves clients in sectors such as railways, defense, leasing companies, construction, healthcare, energy, mining, infrastructure, logistics, and shipping.
On a consolidated basis, net profit of Jupiter Wagons surged 386.53% to Rs 62.86 crore on 154.97% increase in net sales to Rs 753.19 crore in Q1 June 2023 over Q1 June 2022.
Shares of Jupiter Wagons hit a lower limit of 5% to settle at Rs 344.85 on 29 August 2023.
The stock has recorded impressive gains of 59% in one month, 170% in three months, and 341% in one year.
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