Mobility solutions provider Jupiter Wagons Ltd. on Tuesday said it has received the board's approval to raise Rs 700 crore through the Qualified Institutional Placement route.
The funds will be raised through the issuance of equity shares, with a total value of Rs 700 crore.
The move is aimed at bolstering JWL's resources for expansion, subsidiary investments, joint ventures, capital adequacy enhancement, and various manufacturing plans, it said in a statement.
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"The objective (of raising funds) is to further strengthen the company's financial position and solidify our market presence and leadership position," said JWL Managing Director Vivek Lohia.
The funds will also be used to ramp up wagon manufacturing capacity, new foundry plant at Jabalpur wagon facility, expansion of existing foundry plant at Kolkata wagon facility, and backward integration of wagon business, Lohia added.
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