Wagon manufacturer Titagarh Wagons on Saturday said that the company’s board has approved the proposal to raise ₹288.8 crore via a preferential allotment of shares to Smallcap World Fund Inc.
The company plans to raise funds via issuance of 76 lakh equity shares of ₹2 each on a preferential basis at a price of Rs. 380 per share as against floor price of Rs. 347.68 per share
“Raising of funds through issuance of upto 76,00,000 Equity Shares of face value Rs. 2/- each of the Company to SMALLCAP WORLD FUND INC on preferential basis at a price of Rs. 380/- per share as against floor price of Rs. 347.68 per share computed in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, for an aggregate amount of up to Rs. 288,80,00,000,” said Titagarh Wagons on a regulatory filing.
This is subject to approval of the offer by regulatory/statutory authorities and the shareholders of the Company at the Extra-Ordinary General Meeting (EGM) and such other permissions, sanctions and statutory approvals, as may be required.
Titagarh Wagons reported net profit at ₹53.01 crore in March 2023, up 151.87 percent from Rs. 21.05 crore in March 2022. Its net sales stood at ₹974.22 crore, up 132.56 percent from ₹418.90 crore in March 2022.
On Friday, the company’s scrip ended 6.81 per cent up at ₹421.95 on BSE.
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Updated: 10 Jun 2023, 09:18 PM IST