Shares of Titagarh Rail Systems gain on raising Rs 700 crore via issue of shares to QIBs

About the issue of shares 

Titagarh Rail Systems has raised Rs 699.9 crore through the allotment of 75,02,679 equity shares to eligible Qualified Institutional Buyers (QIBs) at the issue price of Rs 933 per equity share.

Under the allotment of Equity Shares in the Issue, the paid-up Equity Share capital of the company has increased from Rs 25.43 crore consisting of 12,71,71,089 Equity Shares to Rs 26.93 crore consisting of 13,46,73,768 Equity Shares. The Qualified Institutions Placement Committee (the QIP Committee) at its meeting held on December 13, 2023, approved the issue and allotment of the same.

Stock Price Movement 

Shares of Titagarh Rail Systems closed at Rs 1,008 down by 12.20 points or 1.20% from its previous closing of Rs 1,020.20 on the BSE. The scrip opened at Rs 1,027 and touched a high and low of Rs 1,033.15 and Rs 1,010.05 respectively. So far 26,579 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 2 has touched a 52-week high of Rs 1,073.65 and a 52-week low of Rs 182. Last one week high and low of the scrip stood at Rs 1,073.65 and Rs 979.95 respectively. The current market cap of the company is Rs 13,644.47 crore. The promoters holding in the company stood at 44.97%, while Institutions and Non-Institutions held 27.31% and 27.72%, respectively.

About Company 

Titagarh Rail Systems, formerly known as Titagarh Wagons, is a leading Indian private-sector manufacturer of freight wagons, passenger coaches, steel castings, specialized equipment, bridges, ships, and heavy earthmoving and mining equipment. Established in 1997, the company produces a range of wagons, hydraulic excavator and crawler-mounted cranes, bogies and couplers, and rail coaches for metro systems. It plans to develop coaches for metro systems in Mumbai, Hyderabad, and Bangalore. The company also undertakes special projects, including Bailey bridges and modular steel bridges for nuclear power and defence sectors.

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