Days after announcing Rs 330 crore capex plan, Punjab based metal giant has informed that the board is considering approving bonus share issuance. According to an exchange filing by the company, its board will meet on June 29 to take a final call.
"Issuance of fully paid bonus equity shares to the members of the Company subject to such regulatory/ statutory approvals as may be required, including the approval of the shareholders of the Company and other allied activities," the company said in an exchange filing.
Besides, it is also likely to consider and approve unaudited financial results for first quarter ended 30th June, 2023 (April to June).
Earlier this month, news agency PTI had reported that the firm is adding 2 lakh tonne to its existing 6 lakh tonne capacity as part of the ongoing Rs 330-crore capex at two of its mills. The overall capacity expansion of 4 lakh tonne worth Rs 330 crore will be completed by FY27, which will take its total installed capacity to 10 lakh tonne.
The immediate enhancement of 1 lakh tonne each will come up at the Malegaon plant in Maharashtra and the Raipur mill in Chhattisgarh, which will take their overall output to 3 lakh tonne each, the PTI report said.
"This is a completely debt-free investment as the company set up in the 1990s has long been debt-free. The expansion is fully funded by the Rs 384 crore raised from the preferential warrants issue in March," Dhruv Singla, an executive director & chief financial officer, who is also the son of the managing director Madan Mohan Singla, told PTI.
JTL Industries manufacturers various grades of galvanised steel tubes and pipes. It serves industries across construction & building materials, core infrastructure, energy & engineering, heavy vehicles, agriculture, water & gas distribution, and solar projects.
