Titagarh Rail Systems fetches Rs 700 crore via QIP; stock gains ~1%

13 Dec 2023 , 12:29 PM

Titagarh Rail Systems Ltd said on Wednesday that it raised Rs 699.90 crore through the issuance of new shares to Qualified Institutional Buyers. Titagarh Rail Systems Ltd (TRSL), formerly Titagarh Waggons Ltd, issued shares on December 7 and closed on Tuesday.

The company stated in its filing with the BSE that the Qualified Institutions Placement (QIP) Committee at its meeting approved the issue and allotment of 75,02,679 equity shares to the eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 933 per equity share, aggregating to Rs 69,999.99 lakh.

Titagarh Rail Systems is a Kolkata-based leading railway rolling stock maker.

Titagarh purchased a 100 percent ownership in Titagarh Firema SpA, an Italian manufacturer of passenger rolling stock, in 2015.

At around 12.26 PM, Titagarh Rail Systems is trading 1.33% higher at Rs 1,025 per piece, against the previous close of Rs 1,011.55 on NSE. The counter rose to an intraday high of Rs 1,031.80 and a low of Rs 983.40.

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