Jupiter Wagons Limited has submitted its statement of deviation or variation in the utilization of funds raised through a preferential issue of Equity Shares and Convertible Warrants. This report, for the quarter ended September 30, 2026, details the allocation and use of approximately ₹403.41 Crores raised via a Qualified Institutions Placement. The company highlights a deviation where a portion of the net proceeds earmarked for foundry capacity enhancement at the Bandel unit has been re-allocated towards working capital requirements, as approved by shareholders.
Jupiter Wagons Reports Fund Utilization for Preferential Issue
Jupiter Wagons Limited has officially submitted its quarterly statement detailing the utilization of funds raised through a preferential issue. This disclosure covers the period ending September 30, 2026, as mandated by regulatory requirements. The funds in question, amounting to approximately ₹403.41 Crores (Net Proceeds of ₹394.18 Crores), were raised through a Qualified Institutions Placement on 4th December 2023.
Details of Fund Allocation and Deviation
The original object for which these funds were raised included the setting up of a new captive alloy steel foundry unit at Jabalpur, Madhya Pradesh, and enhancing foundry capacity at the Bandel unit. For the Bandel unit enhancement, ₹50.00 Crores was allocated. However, during the quarter ended September 30, 2026, only ₹6.36 Crores of this allocation was utilized.
A significant aspect of the report is the re-allocation of the unutilized portion of net proceeds. These funds, initially earmarked for foundry capacity enhancement at the Bandel unit, have been permitted to be utilized towards working capital requirements. This deviation was approved pursuant to shareholder approval dated 29th September 2026, ensuring the funds are directed towards immediate operational needs. The statement indicates NIL utilization during the quarter for this specific object.
Working Capital and Inorganic Growth Funding
Furthermore, the company allocated ₹215.00 Crores for funding working capital requirements and ₹129.18 Crores for funding inorganic growth and general corporate purposes. Both of these allocations have shown NIL deviation and NIL utilization during the quarter, indicating that these specific fund usages are either pending or have not yet commenced.
Source: BSE
