Jupiter Wagons Ltd (JWL) has raised ₹125 crore through Qualified Institutional Placement (QIP) route. The funds raised through QIP will be utilised for funding the acquisition of Stone India, working capital optimisation, and other corporate purposes. Jupiter Wagons Ltd is the flagship company of the ₹2,000 crores Jupiter Wagons Group.

The QIP got a good response from investors, such as Tata Mutual Fund, Ananta Capital, and ITI Mutual Fund, among others. The company, which provides comprehensive mobility solutions encompassing rail, road, and marine transportation, is also looking to strengthen its presence in the mobility solution space with enhanced manufacturing capabilities, as per a press statement issued by the company.

The company was, in October last year, selected as a successful resolution applicant by the Committee of Creditors of Stone India Ltd, a supplier of railway brake systems and other engineering products for the Indian Railways. The addition of Stone India would help strengthen its offerings for railways, including braking systems and other engineering products, it had said earlier.

Also read: Sovereign green bonds, an effective fund-raising tool

“The company has made its mark in railways through its diverse product portfolio and our entry into the commercial electric vehicle (CEV) business has further strengthened our position as an emerging leader in mobility solutions,” said Vivek Lohia, MD, JWL.

Systematix Corporate Services Limited was the sole Book Running Lead Manager (BRLM) to the QIP.

The company’s current product portfolio consists of wagons, couplers, draft gears, bogies, and accessories for Passenger Coach (LHB), Metro Coach, and loco, along with applications-based load bodies for commercial vehicles and ISO containers. The company recently forayed into the electric mobility market with the launch of Jupiter Electric Mobility (JEM) focusing on commercial EVs of small and medium capacity in the 4-wheel class.