JTL Industries Shares Rally 4% On Fundraising Plan By Issuing Equity Shares

JTL Industries' shares closed Wednesday's trading session at Rs 214 per share, up 4% following the company's announcement that the Board of Directors is preparing a QIP fundraising strategy. The business stated in the exchange filing that the board of directors would meet on December 18, 2023, among other things, to discuss raising money through the issuing of equity shares or other instruments convertible into equity shares.

"Pursuant to the provision mentioned under Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that a meeting of Board of Directors of the Company will be held on Monday, 18th December, 2023, inter alia, to consider raising of funds through issuance of equity shares or other securities convertible into Equity Shares including warrants or any combination thereof in one or more tranches, by way of Preferential Issue, Qualified Institutional Placement ("QIP"), Global Depository Receipts ("GDR"), American Depository Receipts ("ADR") or through any other permissible mode or any combination thereof, in accordance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, in such manner and on such terms and conditions as may be deemed appropriate by the Board in its absolute discretion, subject to approval from shareholders and receipt of any regulatory and statutory approvals, as applicable. Apart from this, the Board may discuss, approve or take note of any other matter as it may deem fit," said JTL Industries in a stock exchange filing.

"Further, pursuant to the Company's Code for Prevention of Insider Trading, the trading window for dealing in securities of the Company shall remain closed from Wednesday, 13th December, 2023 till the end of 48 hours after the outcome is made public on 18th December, 2023," said the company in a regulatory filing.

With a capacity to produce more than 6 lakh metric tonnes annually, JTL Industries is one of the largest manufacturers of Electric Resistance Welded (ERW) steel pipes, including one of the major section pipe & tube makers in India. The firm is one of the top producers of GI pipes in India because of its extensive distribution network, which is located all throughout the country. It has branch offices in Chandigarh, Mumbai, and Delhi.