On Thursday, shares of one of India’s leading rail mobility solutions providers traded in green after the company board planned to raise funds through Qualified Institutional Placement (QIP) of equity shares.
At 1:30 p.m., Titagarh Rail Systems Ltd shares were trading at Rs 789.95 a share, down 0.98 percent from the previous close price on the Exchange, and the company has a market capitalization of Rs 10,024 crores.
As per the exchange filing, The Titagarh Rail Systems Ltd board approved raising funds aggregating up to Rupees 700 Crores through qualified institutions placement (QIP) of equity shares of a face value of Rs 2 each.
Under the ICDR Regulations and other applicable regulations, in one or more tranches subject to necessary approvals including the approval of members of the Company and such other regulatory/ statutory approvals as may be required.
The company’s shares have delivered a multi-bagger return of 381 percent over a year. A shareholder investment of Rs.1 lakh in the company would be worth Rs. 4.81 lakhs in a year.
Company revenue increased by 54 percent year on year, from Rs 607 crores in Q2FY23 to Rs 935 crores in Q2FY24. During the same period, Net Profit increased by 54 percent, from Rs 46 crores to Rs 71 crores.
As per the recent shareholding pattern, the company’s promoters hold a 44.97 percent stake, while Foreign Institutional Investors hold a 10.46 percent stake and retail investors hold a 27.73 percent stake in the company.
Titagarh Wagons Ltd. is engaged in the business of manufacturing railway wagons, defense hardware, naval ships for the armed forces, and mining equipment. The company has a presence in domestic and international markets.
Written by Omkar Chitnis
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