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NEW DELHI : Mobility solutions provider Jupiter Wagons Ltd (JWL), which had announced the reverse merger with CEBBCO (Commercial Engineers & Body Builders Company Ltd) through the acquisition of the company, completed its listing on the bourses on Thursday.

Erstwhile CEBBCO, a Madhya Pradesh-based manufacturer of tipplers, trailers, and specialized defence vehicles, was acquired by JWL in a buyout of its organization in 2019 under a National Company Law Tribunal (NCLT) governed stressed asset sale.

Trading of the equity shares of the company has started on the BSE and the NSE under the new ticker symbol ‘JWL’, said Vivek Lohia, managing director, JWL.

The business will have more than 387 million shares at the exchange under the provisions of the amended merger agreement. Post merger and listing, the promoter shareholding in JWL will be 74% while the remaining will be held by the public. 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, Lohia said. It will lead to long-term benefits that will boost shareholder value, he said.

The group revenue of JWL is 1,178.35 crore. The Jupiter Group has signed an MoU with CAF, Spain for the manufacture and supply of metro rail coaches and similar urban rapid mass transit systems along with mainline high speed trains through a joint venture company in India.

“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. It will also contribute to the formation of a powerful organization with more capital and assets. We believe that the merger signifies a transformative event for Jupiter Wagons Group," Lohia said.

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