Jyoti Structures to raise up to Rs 500 cr via rights issue; stock rises 4%

The rise in the Jyoti Structures share price came after the company announced that its Board of Directors has approved the fund raise by way of equity shares for up to Rs 500 cr via rights issue

Jyoti Structures share price: Shares of heavy electrical equipment maker Jyoti Structures gained up to 4.30 per cent to hit an intraday high of 30.28 per share on Monday, November 25, 2024. 

 

The rise in the Jyoti Structures share price came after the company announced that its Board of Directors has considered and approved the fund raise by way of equity shares for an aggregate amount of up to Rs 500 crore via rights issue.

 

A rights issue is a method by which a company offers its existing shareholders the opportunity to purchase additional shares at a discounted price, proportional to their current shareholding.

 

In an exchange filing, Jyoti Structures, said, “We wish to inform you that the Board of Directors of the Company, at their meeting held on November 22, 2024 has inter alia considered and approved the approval of fund raise by way of equity shares for an aggregate amount of up to Rs 500 crore by way of rights issue.”

 

Headquartered in Mumbai, Jyoti Structures Limited is among the leading companies specialising in high-voltage power transmission solutions. The company offers comprehensive services, including design, engineering consulting, manufacturing, construction, and project management, to support the development of power transmission lines, substations, and distribution networks. 

 

With a robust portfolio of products such as transmission line towers, substation structures, tall antenna towers, and railway electrification structures, Jyoti Structures plays a pivotal role in advancing energy infrastructure.

 

The company is also recognised for its expertise in executing turnkey projects, managing every aspect from survey and design to fabrication, erection, and stringing of transmission lines. The company has a state-of-the-art manufacturing facilities in Nashik, Raipur, and Dubai, along with a tower testing facility in Ghoti, India

 

The market capitalisation of Jyoti Structures is Rs 2,572.45 crore, according to BSE.

 

At 1:45 PM, Jyoti Structures shares were trading 1.24 per cent higher at Rs 29.39 per share. In comparison, BSE Sensex was trading 1.01 per cent  79,915.57 levels.