Jupiter Wagons Ltd., which is into offering mobility options by rail, highway and marine transportation on Wednesday stated it has raised ₹403 crore by 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 corporate stated in an announcement. The funds raised by QIP shall be utilised in the direction of the corporate’s progress plans. Vivek Lohia, Managing Director, Jupiter Wagons Ltd. stated, “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.
