Titagarh Rail to Raise Rs 2 billion via Preferential Allotment to Promoters

14 Jul 2025 CW Team

Titagarh Rail Systems has announced a proposal to raise approximately Rs 2 billion through a preferential issue of 21,16,402 convertible warrants to members of its Promoter Group. The board of directors approved the move at its meeting held on July 9, 2025, subject to shareholder and regulatory approvals.

The warrants, priced at Rs 945 each, will be allotted to Mrs Rashmi Chowdhary and Mr Prithish Chowdhary in line with Chapter V of SEBI’s ICDR Regulations. Each warrant is convertible into one equity share of ₹2 face value within 18 months from the date of allotment.

As per the structure, applicants are required to pay 25 per cent of the total consideration at the time of application, with the remaining 75 per cent payable upon conversion. The aggregate size of the issue is valued at ₹199.99 crore.

Post-conversion, Mrs Rashmi Chowdhary’s shareholding will increase from 7.52 per cent to 8.56 per cent, while Mr Prithish Chowdhary will hold 0.39 per cent stake in the company.

The proceeds from the issue will be deployed towards investment in advanced plant and machinery, strengthening working capital to improve order book prospects, technological upgradation for future-ready rail systems, and other general corporate purposes.

To facilitate the approval process, the company has scheduled an Extraordinary General Meeting (EGM) of shareholders on August 8, 2025, via video conferencing.

Commenting on the development, Mr Umesh Chowdhary, Vice Chairman and Managing Director of Titagarh Rail Systems, said, “The board’s decision reaffirms the promoter group’s confidence in the company’s long-term growth trajectory. This capital infusion will accelerate capacity enhancement, support working capital requirements, and fund our strategic initiatives in line with growing demand for freight and passenger rail solutions.”

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