Titagarh Wagons chugs downhill on pref share plans to raise Rs 288 crore

Company board has approved the proposal to raise Rs 288.8 crore via a preferential allotment of shares to Smallcap World Fund Inc.

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Shares of Titagarh Wagons touched a 52-week high in the opening trade but erased all gains and traded 2 percent lower amid selling pressure.

Titagarh Wagons touched a 52-week high of Rs 427.

Wagon manufacturer Titagarh Wagons, now known as Titagarh Rail Systems Limited, on June 10 said its board has approved the proposal to raise Rs 288.8 crore through preferential allotment of shares to Smallcap World Fund Inc.

In a regulatory filing, Titagarh Wagons said the board gave the nod for issuance of up to 76 lakh shares to the Capital Group company.

“Raising of funds through issuance of up to 76,00,000 equity shares of face value of Rs 2 each on a preferential basis to Smallcap world Fund Inc, a part of Capital Group, at a price of 380 per share as against floor price of Rs 347.68 per share for an aggregate amount of up to Rs 288,80,00,000,” the filing noted.

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The company had reported a net profit at Rs 53.01 crore in March 2023, up 151.87 percent from Rs 21.05 crore in March 2022. Its net sales stood at Rs 974.22 crore, up 132.56 percent from Rs 418.90 crore in March 2022.