Stocks

Texmaco Rail & Engg completes ₹165-crore rights issue

Shobha Roy | | Updated on: Dec 07, 2021

Mops up ₹165 crore; issue was oversubscribed by 1.35 times

Texmaco Rail & Engineering Ltd has completed the rights issue of about 7.15 crore shares for an aggregate amount of up to ₹165 crore.

The Capital Issue Committee on October 9 announced the terms and conditions including the entitlement ratio of 2:7 (two equity shares for every seven) held by eligible shareholders as on October 22 (record date). The issue was oversubscribed in overall terms by approximately 1.35 times. The issue was oversubscribed by around 1.47 times from the public category, led by participation from the institutional investors as well as retail investors, the company said.

“The robust response to the rights issue of the company, affirms the continued confidence of shareholders in the management of the company. The oversubscription is validation of the strength of the company. It will also improve the liquidity position and contribute to strengthening the performance of the company,” Indrajit Mookerjee, MD, Texmaco Rail & Engineering, said in the statement.

Published on December 07, 2021

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