Jupiter Wagons Limited has released its mandated statement detailing the utilization of funds raised via preferential issues, including QIPs and Convertible Warrants, for the quarter ending December 31, 2025. The report confirms that while no deviation occurred for the QIP raised in December 2023, adjustments were made to the utilization plan for the QIP raised in July 2024. The funds from the June 2024 warrant issue are being deployed as planned toward subsidiary investment.
Quarterly Fund Utilization Disclosure
Jupiter Wagons Limited has submitted the Statement of Deviation or Variation in the utilization of funds raised through its recent preferential issuances, covering the period up to the 31st December, 2025 quarter. The announcement covers three specific tranches of fundraising: the QIP from December 2023, the Warrants issue from June 2024, and the QIP from July 2024.
QIP Utilization (December 2023)
Regarding the initial QIP proceeds totaling Rs. 394.18 Crores (Net), the report confirms No Utilization during the current quarter, and no deviation was noted. The funds were allocated across three primary objects:
- Setting up a new alloy steel foundry unit and expanding the existing facility at Bandel: Rs. 50.00 Crores allocated, with Rs. 6.36 Crores utilized this quarter.
- Funding working capital requirements: Rs. 215.00 Crores allocated, with full utilization of Rs. 215.00 Crores recorded.
- Inorganic growth and general corporate purposes: Rs. 129.18 Crores allocated, with full utilization of Rs. 129.18 Crores recorded.
Crucially, for the first object, the unutilized amount is now redirected for the enhancement of foundry capacity at the Bandel unit, pursuant to Shareholder approval dated 18th April, 2025.
Convertible Warrants Utilization (June 2024)
The funds raised via the Preferential Issue of Convertible Warrants (totaling Rs. 33.75 Crores utilized out of the initial 25% drawdown) were designated for investment into the subsidiary, Jupiter Tatravagonka Railwheel Factory Private Limited, for working capital. The utilization this quarter was Rs. 33.75 Crores, matching the allocated amount, resulting in NIL deviation.
QIP Utilization (July 2024)
The subsequent QIP, finalized on 11th July, 2024, raised net proceeds of Rs. 783.24 Crores. This tranche showed utilization across the following activities this quarter:
- Investment into the subsidiary (Jupiter Tatravagonka Railwheel Factory Private Limited): Rs. 425.00 Crores allocated and fully utilized this quarter. The remarks confirm that the full Rs. 425 crore was invested as per the object of the issue in Q2FY25, with Rs. 342.03 crore utilized up to Q2FY26 for project expenses related to the railway wheel and axle plant, as per the revised object.
- Funding working capital requirements: Rs. 175.00 Crores allocated and fully utilized (Rs. 175.00 Crores this quarter).
- General corporate purposes: Rs. 183.24 Crores allocated, with Rs. 67.25 Crores utilized this quarter.
The report confirms that the remaining amount related to the railway wheel and axle plant construction—Rs. 82.97 crore—was utilized this quarter towards project expenses, matching the revised object details.
Source: BSE
