Share Market News: JTL Industries Shares Gain As Company Completes Funds Raising

Shares of JTL Industries gained on even as has benchmark equity indices declined in early trade on Tuesday due to emergence of profit-taking after a record rally. The surge in share price comes as the company has completed the fund raising through a preferential issue made by the company on March 3, 2023.
The counter opened in red at Rs 235 on the BSE against the previous close of Rs 235.50. However, the stock gained later and touched the intra-day high of Rs 239. Last seen, the counter was trading at Rs 238.
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.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)