JTL Industries To Raise Rs 1,310 Crore Via Warrants And QIP

JTL Industries Ltd. has approved raising funds up to Rs 1,310 crore via the issuance of warrants and qualified institutional placements.

The company will issue up to three crore warrants at an issue price of Rs 270 apiece for Rs 810 crore and will raise the remaining Rs 500 crore via QIP, the company said in its exchange filing.

JTL Industries will also invest up to Rs 1,200 crore in its unit, JTL Tubes Ltd., to set up a project in Maharashtra. The funds will be sourced partly from internal accruals and partly from the proposed issue proceeds, the company said.

In its board meeting, the company also decided to increase its authorised share capital from Rs 50 crore to Rs 55 crore.

JTL Industries is involved in the production of electric resistance welded steel pipes, black steel pipes and tubes, galvanised steel pipes and tubes, and solar power module mounting structures.

Shares of JTL Industries closed 5.97% higher at Rs 241.40 apiece on the NSE, as compared with a 0.18% decline in the benchmark Nifty 50.