Shares of Jupiter Wagons rose over 5 percent after the company announced it raised ₹800 crore through a qualified institutional placement (QIP). The floor price for the QIP was set at ₹689.47, with the company issuing and allotting 12.2 million equity shares at ₹655.5 per share.
Morgan Stanley Asia (Singapore) PTE, Bank of India Mutual Fund, and Edelweiss Mutual Fund are among the entities that received more than 5 percent of the equity shares offered in the issue.
“The capital raised will be majorly allocated towards establishing a forged rail wheel and axle manufacturing plant. This strategic move is designed to enhance our backward integration and support our long-term growth objectives,” said Vivek Lohia, managing director of Jupiter Wagons.
At 1:00 pm, Jupiter Wagons shares were trading over 1 percent higher at ₹705.15 on the National Stock Exchange (NSE). Throughout the day, a total of 1.8 million shares of the company changed hands on the BSE and NSE combined.
