Jyoti Structures To Raise Up To Rs 500 Crore Via Rights Issue

Jyoti Structures Ltd. will raise funds of up to Rs 500 crore through a rights issue to the eligible equity shareholders, according to an exchange filing. At a meeting on Friday, the board of directors approved a proposal to raise the funds by way of equity shares for an amount up to Rs 500 crore.

The record date for the issuance will be determined and announced later in compliance with the Securities and Exchange Board of India regulations, and other relevant laws, the company said.

The issuance will proceed at a price and under terms and conditions set by the board or a designated committee, in line with applicable legal requirements, subject to receiving the necessary approvals, it said.

Jyoti Structures is a company dedicated to creating an infrastructure that facilitates the transmission of extra high-voltage electric power. Their expertise includes delivering turnkey projects involving designing, testing, manufacturing, erecting and commissioning transmission lines, sub-stations and power distribution projects in India and abroad. 

On Oct. 23, the company had announced the receipt of an order worth Rs 450 crore from Adani Energy Solutions Ltd. for the construction of a high-voltage transmission line in Gujarat. The project, located at Navinal, will be executed on a turnkey basis.

The scope of work encompasses surveying, soil investigation, supply of towers, foundations, stringing, and commissioning of the LILO (Line In Line Out) of the 765 kV DC Bhuj II-Lakadia transmission line. The project is expected to be completed within an 18-month timeframe, with a target completion date set for April 2026, according to a statement.

Shares of Jyoti Structures Ltd. closed 0.69% lower at Rs 28.98 apiece on the National Stock Exchange, compared to a 2.39% advance in the benchmark Nifty.