JTL Industries QIP: The board of directors of JTL Industries Ltd has declared the opening of its fundraising move through the issuance of QIPs (Qualified Institutional Placement). The company board declared the JTL Industries QIP opening in its meeting on Thursday this week, i.e. on 18th July 2024. The company board approved the JTL Industries QIP floor price at ₹221.57 per equity share. The Company declared about the QIP opening through an exchange filing on Thursday. They said that the relevant date for the Issue will be announced later.
JTL Industries QIP details
JTL Industries informed about the QIP opening in an exchange filing on Dalal Street, saying, “We wish to inform you that pursuant to the approval accorded by the board of directors of the Company (the “Board”), at its meeting held on 18th December 2023, and the special resolution passed by the members of the Company on 18th January 2024 the Fund Raising Committee, at its meeting held today, i.e. 18th July 2024, inter alia, passed resolutions for the following: 1] Approved and declared the opening of the Issue today, i.e., 18th July 2024; 2] Approved and adopted the preliminary placement document dated 18th July 2024 and the application form dated 18th July 2024 in connection with the Issue; 3] Approved the floor price of ₹221.57 per Equity Share for the Issue as prescribed under SEBI ICDR Regulations; and 4] Raising of funds by way of Issue of Equity Shares, through a QIP, by the SEBI ICDR Regulations.”
“We further wish to inform you that the ‘Relevant Date’ for the Issue, in terms of Regulation 171 of the SEBI ICDR Regulations, is 18th July, and accordingly, the floor price in respect of the Issue above, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹221.57 per Equity Share. Pursuant to Regulation 176(1) of the SEBI ICDR Regulations, the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue,” JTL Industries further added.
JTL Industries news
In Q1FY25, JTL Industries delivered stable financial results, demonstrating sustained yearly growth. Our revenue for the quarter reached ₹515.3 crore, up from ₹505 crore last year, driven by strategic market expansion, increased product demand, high sales volume, and enhanced product offerings.
EBITDA for Q1FY25 stood at ₹43.8 crore, reflecting a 21 percent increase from Q1FY24. This underscores the Company’s efficient cost management and operational excellence. The EBITDA margin improved to 8.5 per cent in Q1FY25, up from 7.2 per cent in Q1FY24, driven by a strategic focus on high-margin products and increasing scale.
In December 2023, JTL Industries declared raising of funds through the issuance of QIP, saying, “To facilitate this mega project’s execution, we are set to raise a total of ₹13,100 Mn through various means including Qualified Institutional Placement (QIP). The promoter and promoter group will contribute a substantial portion of this capital, ₹5,400 Mn, with an additional ₹2,700 Mn from the public, non-promoter group. The remaining ₹5,000 Mn will be sourced through QIP. This strategic financial initiative is designed to provide robust support, ensuring seamless execution and optimal resource utilization.”
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