Titagarh Rail Systems Surges on Rs 700 Crore QIP Launch, Eyes Debt Repayment

8 Dec 2023 , 12:50 PM

Shares of Titagarh Rail Systems rise by 1.6% to Rs 999 per share after launching a qualified institutional placement (QIP) issue to raise Rs 700 crore, with a floor price of Rs 976 per share.

In the last month, the stock surged 25%, outpacing the 7% rise in the benchmark Sensex, reaching a 52-week high of Rs 1,045 on November 21, 2023.

Proceeds from the QIP will be used to repay debt, fulfill working capital needs, and for general corporate purposes. Nuvama Wealth Management is the book running lead manager.

A meeting on December 12, 2023, will determine the QIP issue closing date and the price for issuing and allotting equity shares.

Titagarh Rail’s strategic partnership with ABB for metro projects in India involves supplying propulsion systems, aligned with the ‘Make In India’ initiative, as per the November 20 exchange filing.

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