News Delhi:
Jupiter Wagons Ltd (JWL), a manufacturer of wagons, high-speed braking systems and railway and engineering equipment, listed its shares on the stock exchanges on Thursday following 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…which through the acquisition announced its reverse merger with CEBBCO (Commercial Engineers & Body Builders Company Ltd) has today completed its public listing,” the company said in a statement. Commercial Engineers & Body Builders Company Ltd, a manufacturer of tippers, trailers and specialty defense vehicles, was acquired by JWL through a buyout.
The company’s shares have begun trading on the BSE and the NSE under the new ticker symbol JWL, the company said, adding that the company will hold 38,74,47419 shares on the exchange under the terms of the amended merger agreement.
The consolidation will result in significant synergies between the businesses, enabling more efficient cash management and unrestricted access to cash flow to be used more efficiently to fund growth opportunities, enhancing stakeholder value.
“As a result of the merger, JWL will be able to leverage its financial strength to embark on a growth phase, which will include upgrades to meet current industry demand, expansion into new product development and market sector consolidation,” director Vivek of Jupiter Wagons Ltd. said Lohia.