Texmaco Rail looks to pare short-term debt to enhance profitability

Saroj Kumar Poddar-led Texmaco Rail and Engineering (TexRail) would be looking to retire some of its high-cost short-term debt through a rights issue in a bid to improve profitability. 

Speaking to Business Standard, Ashish Kumar Gupta, deputy managing director, TexRail, said the company is going to finalise the size and pricing of the rights issue before September-end.

“We have already announced a rights issue, which is going to open very soon and may happen this month itself. The size and pricing of the rights issue would be finalised in the next few days and I think we should be going to the