Titagarh Rail To Raise ₹2 Billion Via Preferential Issue To Promoter Group

Titagarh Rail Systems Ltd. on Thursday said its board has approved raising ₹2 billion through a preferential allotment of 2.12 million convertible warrants to promoter group members. The move follows Wednesday's announcement that the warrants will be allotted to Rashmi Chowdhary and Prithish Chowdhary.

Post-conversion, Rashmi Chowdhary’s stake in the company will rise to 8.56% from 7.52%, while Prithish Chowdhary will hold 0.39%. As per the terms, 25% of the consideration is payable at application and the balance at the time of conversion.