JTL Industries completes fundraising - Check details

Steel tube manufacturing company JTL Industries has completed the fundraising through a preferential issue made by the company on March 3, 2023. 

The preferential issue consisted of two components: equity shares issued upon the conversion of warrants and bonus shares allotted in a 1:1 ratio. 

A total of 24,51,543 equity shares were allotted at an issue price of Rs 300.00 each, with 75 per cent of the price payable upon warrant exercise. The bonus shares were issued on the converted equity shares, increasing the company's paid-up share capital to Rs 39,30,81,630. 

“We are delighted to announce that JTL has completed the Fund Raising through Preferential Issue made in March 2023. This achievement is a testament to our investors' confidence in our business model and growth strategy. The influx of capital will be instrumental in completing our planned expenditures, as outlined in our growth strategy," the company said in an exchange filing.

Meanwhile, JTL Industries has reported a 21 per cent rise in its net profit at Rs 30.70 crore for the quarter ended June 30.

The company had posted a profit of Rs 25.36 crore in the April-June period of the preceding 2023-24 fiscal.

Its revenue from operations rose to Rs 515.37 crore from Rs 504.80 crore in the year-ago quarter.