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JTL Industries Ltd said its board has approved an investment proposal of Rs 1,200 crore in company's arm JTL Tubes Ltd to set up a project in Maharashtra.
The investment will be funded partly from the internal accruals and partly from proceeds of a proposed issue, the steel pipes maker said on Monday.
The company's board of directors has approved "issue of securities by way of qualified institutions placement (QIP) for aggregate amount not exceeding Rs 500 crore in one or more tranches, including green shoe option," the filing said.
The board also approved a proposal to invest up to an aggregate sum of Rs 1,200 crore in wholly-owned subsidiary JTL Tubes Limited to set up a mega project in Maharashtra, an exchange filing said.
JTL Industries Ltd (formerly known as JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tonnes per annum.
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