JTL Industries to consider fund raising through issuance of equity shares

JTL Industries (formerly JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tonne per annum.

The company registered 56.78 per cent rise in sales volumes at 81,686 tonne in July-September.

Steel pipes manufacturer JTL Industries has stated that its board of directors is considering on fundraising plans. According to a regulatory filing, a meeting of the board of directors of the company will be held on December 18, 2023.

"A meeting of Board of Directors of the Company will be held on Monday, 18th December, 2023, inter alia, to consider raising of funds through issuance of equity shares or other securities convertible into Equity Shares including warrants or any combination thereof in one or more tranches, by way of Preferential Issue, Qualified Institutional Placement ("QIP"), Global Depository Receipts ("GDR"), American Depository Receipts ("ADR") or through any other permissible mode or any combination thereof, in accordance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018," the company said in the exchange filing.

JTL Industries (formerly JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tonne per annum.

It posted 54.66 per cent growth in sales at 1.59 lakh tonne (LT) for the April-September period of the ongoing fiscal year.

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The company also registered 56.78 per cent rise in sales volumes at 81,686 tonne in July-September.

While sales in the first half of FY23 was 1.02 lakh tonne, sales in the second quarter of that fiscal was 52,101 tonne, the filing said.

Sales of value-added products rose to 60,708 tonne in H1 FY24 from 40,221 tonne in H1 FY23.

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