Titagarh Wagons to raise Rs 250-cr, split shares in 1:5 ratio

Titagarh Wagons today said its board has approved raising up to Rs 250 crore through issuance of equity and splitting of shares of the company into a ratio of 1:5.
In an exchange filing, the wagon maker said its Board has "approved in-principle, by passing an enabling resolution raising of funds through issuance of securities viz. Equity or equity-related instruments up to a maximum of Rs 250 crore."
Promoters of the company had 53.13 per cent stake in the company as on December-end. Shares of the company today settled at Rs 706 apiece, up 5.02 per cent in the BSE.

The Board, which met earlier in the day, has also gave its approval for sub-division of the company's shares of Rs 10 each into shares having face value of Rs 2 each.
The company would take the approval of shareholders for both these proposals through postal ballot.