Jupiter Wagons Ltd (JWL), a maker of wagons, high-speed braking systems and rail and construction equipment, listed on the exchange on Thursday after acquiring Commercial Engineers & Body Builders Company Ltd (CEBBCO).
Jupiter Wagons Ltd has announced a reverse merger with CEBBCO through the acquisition of CEBBCO.
“Jupiter Wagons Ltd… announced a reverse merger with CEBBCO (Commercial Engineers and Body Builders Ltd.) through acquisition, which today completed its listing on the exchange,” the company said in a statement. Commercial Engineers & Body Builders Company Ltd, a manufacturer of dump trucks, trailers and special purpose defence vehicles, was acquired by JWL.
The company’s shares have started trading on the BSE and NSE under the ticker symbol JWL, the company said, adding that under the terms of the revised merger agreement, the company will own 38,74,47,419 shares on the exchanges.
The merger will create significant synergies between business operations, resulting in more efficient cash management and unrestricted cash flow to more effectively fund growth opportunities, thereby enhancing stakeholder value.
“After the merger, JWL will be able to leverage its financial strength to enter a growth phase that includes upgrading operations to meet current industry needs, expanding into new product development and market sector consolidation,” said Vivek Loya, Managing Director of Jupiter Wagons Ltd.