Titagarh Rail Systems Limited approves preferential issue to Smallcap World Fund Inc

The Board of Directors of Titagarh Rail Systems Limited at its meeting held today i.e., Saturday, June 10, 2023 have considered and approved the raising of funds through issuance of upto 76,00,000 (Seventy Six Lakh) Equity Shares of face value Rs. 2/- each of the Company ("Equity Shares") to SMALLCAP WORLD FUND INC. ("Proposed Allottee"), a part of Capital Group, one of the largest financial investors, 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 ("SEBI ICDR Regulations"), for an aggregate amount of up to Rs. 288,80,00,000/- (Rupees Two Hundred and Eighty Eight Crore Eighty Lakh Only), subject to the approval of regulatory/ statutory authorities and the shareholders of the Company at the Extra-Ordinary General Meeting and such other permissions, sanctions and statutory approvals, as may be required.

Shares of Titagarh Wagons Limited was last trading in BSE at Rs. 421.95 as compared to the previous close of Rs. 395.05. The total number of shares traded during the day was 135132 in over 7181 trades.

The stock hit an intraday high of Rs. 427.00 and intraday low of 395.10. The net turnover during the day was Rs. 56025899.00.

Source : Equity Bulls

Keywords

TitagarhRailSystems INE615H01020 PreferentialIssue SmallcapWorldFund