Jupiter Wagons shares gain 5% after raising ₹800 crore through QIP
Summary
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.