Titagarh Rail Systems Raises Rs 700 Crore Via QIP

Titagarh Rail Systems Ltd. on Wednesday said it has raised Rs 699.9 crore by issuing fresh shares to Qualified Institutional Buyers.

The issue of Titagarh Rail Systems Ltd., formerly known as Titagarh Wagons Ltd., opened on Dec. 7 and closed on Tuesday.

"In respect of the issue which opened on Monday, 7th December, 2023 and closed on Tuesday, 12th December, 2023, the Qualified Institutions Placement (QIP) Committee at its meeting held today...approved the issue and allotment of 75,02,679 equity shares to the eligible Qualified Institutional Buyers (QIBs) at the issue price of Rs 933 per equity share ...aggregating to Rs 69,999.99 lakh," the company said in a BSE filing.

The Kolkata-based company is a leading railway rolling stock manufacturer.

In 2015, Titagarh acquired a 100% stake in Titagarh Firema SpA, an Italian company known for manufacturing passenger rolling stock.