Texmaco Rail posts Q1 net loss at Rs.7.8 Crore

Texmaco Rail posted a net loss of Rs 7.8 crore in first quarter (April-June) of current financial year 2014-15 as against profit of Rs 11.4 crore in corresponding quarter of last fiscal. Board meeting on July 21, 2014, approved further issue of securities at such premium as may be approved by the Board and subject to the approval of the shareholders of the Company in accordance with the Companies Act, 2013 passed.

Texmaco Rail posted a net loss of Rs 7.8 crore in first quarter (April-June) of current financial year 2014-15 as against profit of Rs 11.4 crore in corresponding quarter of last fiscal. The company’s net sales were at Rs 41.6 crore versus Rs 143.6 crore, Y-o-Y. On July 21, 2014 Texmaco Rail and Engineering ended at Rs 94.30, down Rs 5.10, or 5.13 percent.

Texmaco Rail & Engineering Ltd has further informed BSE that the Board of Directors of the Company at its meeting held on July 21, 2014, has approved further issue of securities of the Company at such premium as may be approved by the Board and subject to the approval of the shareholders of the Company in accordance with the Companies Act, 2013, including, without limitation, Sections 41, 42, 54, 55, 62, 63 and 71 thereof, and also including any relevant provisions of the Companies Act, 1956, through one or more public issue and/or on a private placement basis and/or preferential issue and/or any other kind of issue and/or placement as may be permitted under applicable law from time to time, for an aggregate amount not exceeding Rs. 300 Crore (Rupees Three Hundred Crore).Further, the Company has informed that the Company is currently in the process of merging Kalindee Rail Nirman (Engineers) Limited into the Company by way of a scheme of amalgamation, and in case any change in the scheme of amalgamation is deemed necessary pursuant to the proposed further issue of securities, the revised documents / information shall be shared with the exchanges subsequently.

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