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Wagon manufacturer Titagarh Wagons today said it will raise up to Rs 250 crore by selling securities to institutional investors.
The Securities Committee of the Board of Directors of the company has passed the resolution for "approving and adopting the preliminary placement document dated July 8, in connection with the QIP up to an aggregate amount of Rs 2,500 million," the company said in a BSE filing.
It said the "floor price of Rs 104.64 per equity share of face value of Rs 2 each" has been fixed and the QIP opened on July 8.
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The company said the decision to raise funds through qualified institutional placement (QIP) was taken after approval from its Board of Directors and the nod from shareholders through postal ballot.
Accordingly, the company has filed the preliminary placement document with BSE and the NSE.
Shares of the company closed at Rs 108.65 apiece, down 4.36 per cent on BSE.
