 "Titagarh Wagons gains on acquisition of Italy's Firema Trasporti")
Shares of Titagarh Wagons were up 7% to Rs 120 on the BSE after the company announced its foray into metro coach and high-speed train manufacturing with acquisition of the Italy-based Firema Trasporti.
With the said acquisition, the company is now planning to aggressively participate in upcoming tenders for manufacturing metro coaches both in India and globally.
The transaction entails transfer of technology, all tangible and intangible assets and some liabilities relating to ongoing orders, Titagarh Wagons said in a statement.
The company also successfully raised Rs 150 crore through issuance of equity shares by way of qualified institutional placement (QIP).
“Part of the proceeds will be utilised to upgrade the Indian coach manufacturing facilities in order to absorb the technology from the newly acquired unit, and cater to the booming Indian market for metro coaches and other trains,” the company said.
The stock hit a high of Rs 123 on the BSE and has seen a combined 2.29 million shares changing hands on the counter on the BSE and NSE till 11:15 AM.
With the said acquisition, the company is now planning to aggressively participate in upcoming tenders for manufacturing metro coaches both in India and globally.
The transaction entails transfer of technology, all tangible and intangible assets and some liabilities relating to ongoing orders, Titagarh Wagons said in a statement.
The company also successfully raised Rs 150 crore through issuance of equity shares by way of qualified institutional placement (QIP).
“Part of the proceeds will be utilised to upgrade the Indian coach manufacturing facilities in order to absorb the technology from the newly acquired unit, and cater to the booming Indian market for metro coaches and other trains,” the company said.
The stock hit a high of Rs 123 on the BSE and has seen a combined 2.29 million shares changing hands on the counter on the BSE and NSE till 11:15 AM.