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Texmaco Rail & Engineering Successfully Raises Rs 250 Crores, through Oversubscribed QIP
Kolkata, 29th March 2024: Texmaco Rail & Engineering is pleased to announce the successful completion of its Qualified Institutional Placement (QIP) of equity shares of Rs 250 crores, thus making a total fund raise of Rs 1000 Crs through QIP in the last 6 months. The recent QIP was oversubscribed by more than three times. Earlier, in the month of November 2023 the company had successfully raised a sum of Rs 750 Crs.
The QIP process, led by Nuvama and ICICI Securities, attracted participation from renowned global players such as Abu Dhabi Investment Authority, Samena Capital, Mahindra MF, Bandhan MF etc. among others. In addition, the Board of Directors of the company has approved the raising of funds by way of issuance of Convertible Warrants by way of preferential issue to promoter(s) / promoter group / other(s), for an amount not exceeding Rs 150 Crores in accordance with the applicable laws. This would help the company in reinforcing the company’s growth trajectory.
Mr. Indrajit Mookerjee, Vice Chairman of Texmaco Rail & Engineering, expressed his elation, stating, “I am extremely pleased to witness the overwhelming confidence displayed by our investors, both domestic and international with some of the largest Funds in the business partnering with us. Their partnership underscores our commitment to progress and innovation.”
The funds raised will fuel Texmaco’s ambitious expansion plans, supporting its vision for substantial business growth and reinforcing its position as a leader in the rail and engineering sector.
