Titagarh Wagons Italian arm receives equity infusion of Euro 20 mn

15 Sep 2022 , 01:33 AM

Titagarh Wagons announced that the Government of Italy through its investment arm Invitalia has taken a strategic stake in Titagarh Firema Spa TFA the subsidiary of Titagarh Wagons Government of Italy will subsequently own 3030Percentage stake in Titagarh Firema for an investment of Euro 10 million This investment has been accompanied by an investment from a private Equity Fund based out of UAE Hawk Eye DMCC who has invested Euro 45 million and acquired 1364Percentage equity share capital of the Company The existing promoters of the company and shareholders Titagarh Bridges International have also invested Euro 54 million as a part of the investment agreement and recapitalisation plan agreed by TFA with the Government agency and the Private Equity fund The new equity has been issued at face value of Euro 1 per share translating into an Enterprise Value of the company at Euro 118 million and an Equity valuation of Euro 33 million The Company along with its subsidiary Titagarh Bridges International TBIPL continues to hold shares worth Euro 1640 million representing 4970Percentage of TFA