The Hindu Business Line : Titagarh Wagons IPO price band at Rs 540-610

Calcutta-based private sector railway wagon manufacturer Titagarh Wagons Ltd today announced that it would be entering the capital market with an IPO of 23.8-lakh equity shares.

The issue will open on March 24 and will close on March 27.

The price band for the issue has been fixed between Rs 540 and Rs 610 per equity share. The company proposes to list its shares on both the BSE and NSE.

The issue will comprise a fresh issue of 20.6-lakh equity shares and an offer for sale of 3.15-lakh equity shares by Mrs Rashmi Chowdary and Strategic Ventures Fund (Mauritius) Ltd.

The net issue would constitute 12.8 per cent of the post-issue capital of the company.

Of the net issue, 60 per cent would be allotted on a proportional basis to qualified institutional buyers, 10 per cent for non-institutional investors and 30 per cent to retail investors.

Expanding facilities

Proceeds from the issue would be used to set up an EMU manufacturing facility at Uttarpara as well as for modernising and expanding the existing facilities at Titagarh and Uttarpara.

Proceeds will also be utilised to set up an axle machining and wheel set assembly at Uttarpara and for constructing a corporate office and a design-cum-research and development office.

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Titagarh Wagons IPO price band at Rs 540-610

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