Titagarh Wagons raises Rs.150 Crore through QIP

Kolkata (KOAA): Wagon manufacturer Titagarh Wagons today said its board has approved the allocation of 1.5 crore shares to raise Rs 150 crore through qualified institutional placement.

“Approved the allocation of up to 1,50,89,025 equity shares aggregating to Rs 150 crore to successful bidders who are qualified institutional buyers,”Titagarh said in a BSE filing.

On July 9, the board has approved the proposal to raise funds through QIP.

The company had said the decision to raise funds through qualified institutional placement (QIP) was taken after approval from its Board of Directors and the nod from shareholders through postal ballot.

Shares of the company closed 1.41 per cent down at Rs 108.50 apiece on the BSE.