Home / Industry / Manufacturing /  Titagarh Wagons to raise up to `250 cr through QIP

New Delhi: Wagon manufacturer Titagarh Wagons on Thursday said it will raise up to 250 crore by selling securities to institutional investors.

The Securities Committee of the Board of Directors of the company has passed the resolution for “approving and adopting the preliminary placement document dated 8 July, in connection with the QIP up to an aggregate amount of 2,500 million," the company said in a BSE filing. It said the “floor price of 104.64 per equity share of face value of 2 each" has been fixed and the QIP opened on 8 July.

The company 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.

Accordingly, the company has filed the preliminary placement document with BSE and the NSE. Shares of the company closed at 108.65 apiece, down 4.36% on BSE.

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