Jupiter Wagons Ltd., which is into providing mobility solutions through rail, road and marine transportation on Wednesday said it has raised ₹403 crore through Qualified Institutional placement (QIP).
“The QIP has received an overwhelming response from investors such as Tata Mutual Fund, Societe General, Bandhan Mutual Fund, HSBC Mutual Fund, Morgan Stanley, ITI Mutual Fund,” the company said in a statement. The funds raised through QIP will be utilised towards the company’s growth plans. Vivek Lohia, Managing Director, Jupiter Wagons Ltd. said, “The funds raised will be deployed towards expanding capacity, tactfully pursuing backward integration including through inorganic initiatives and for scaling up emerging business verticals.”
“This infusion will serve as a growth catalyst by strengthening our core competencies and positioning us favourably amidst tailwinds in the mobility industry,” he added.
