Texmaco Rail gains after allotment of shares via QIP

The company has allotted 28 million equity shares of Re 1 each at a price of Rs 107 per equity share to QIBs.

Shares of Texmaco Rail and Engineering is trading higher by 3% to Rs 123 on BSE after the company said it has raised Rs 300 crore by issuing shares of qualified institutional buyers (QIB).

“The company has allotted 28.04 million equity shares of Re 1 each at a price of Rs 107 per equity share including premium of Rs 106 per share, aggregating approximately Rs 300 crore to QIBs,” Texmaco Rail said in a statement.

The stock opened at Rs 122 and touched high of Rs 125 on BSE. A combined 565,551 shares changed hands on the counter in early morning deals on BSE and NSE.