Jupiter Wagons Ltd (JWL), manufacturer of wagons, high-speed brake systems, and railway and engineering equipment, on Thursday listed its shares on the bourses after the acquisition of Commercial Engineers & Body Builders Company Ltd (CEBBCO).
Jupiter Wagons Ltd had announced the reverse merger with CEBBCO through the acquisition of the company.
"Jupiter Wagons Ltd... who had announced the reverse merger with CEBBCO (Commercial Engineers & Body Builders Company Ltd) through the acquisition, the company today completed its listing on the bourses," the company said in a statement. Commercial Engineers & Body Builders Company Ltd, a manufacturer of tipplers, trailers and specialised defence vehicles, was acquired by JWL in a buyout.
The equity shares of the company has commenced trading on the BSE and the NSE under the new ticker symbol JWL, the company said, adding that the business will have 38,74,47,419 shares at the exchange under the provisions of the amended merger agreement.
The consolidation will result in significant synergies between business operations, allowing for more efficient cash management and unrestricted access to cash flow to be deployed more efficiently to fund growth opportunities, thereby improving stakeholders' value.
"As a result of the merger, JWL will be able to use its financial strength to undertake a growth phase that will include upgrading operations to meet current industry demand, expanding into new product development and market sector consolidation," Jupiter Wagons Ltd managing director Vivek Lohia said.