Texmaco Rail & Engineering Limited ('Company') (NSE Symbol: TEXRAIL, BSE Code: 533326) has announced the successful completion of its Rights Issue of 7,15,26,643 Equity Shares for an aggregate amount of up to Rs. 16,451.13 lakhs.
The Board of Directors of the Company had approved the Rights Issue at its Meeting held on 15th May, 2021.
The Capital Issue Committee, thereafter at its Meeting held on 9th October, 2021 announced the terms and conditions including the Rights entitlement ratio of 2:7 i.e. 2 (Two) Equity Shares for every 7 (Seven) Equity Shares held by eligible equity shareholders of the Company as on the record date i.e. 22nd October, 202l.
The issue saw an overwhelming response across all categories and was oversubscribed in overall terms by approx. 1.35 times. The Issue was oversubscribed by approx. 1.47 times from the public category, led by participation fiom the institutional investors as well as retail investors.
Pursuant to the aforesaid Rights Issue, the Capital Issue Committee has allotted 7,15,26,643 Equity Shares on rights basis at a price of Rs. 23 per share on 2nd December, 202l.
Shri Indrajit Mookerjee, Managing Director of the Company commented, the robust response to the rights issue of the Company, affirms the continued confidence of shareholders in the Management of the Company.
He further said that the oversubscription is validation of the strength of the Company. It will also improve the liquidity position of the Company and contribute to strengthening the performance of the Company.
Shares of Texmaco Rail & Engineering Limited was last trading in BSE at Rs. 27.65 as compared to the previous close of Rs. 27.95. The total number of shares traded during the day was 69649 in over 776 trades.
The stock hit an intraday high of Rs. 28.05 and intraday low of 27.35. The net turnover during the day was Rs. 1926819.00.