Titagarh Wagon's Italian arm receives equity infusion of Euro 20 mn

Titagarh Wagons announced that the Government of Italy, through its investment arm - Invitalia has taken a strategic stake in Titagarh Firema Spa (TFA), the subsidiary of Titagarh Wagons. Government of Italy will subsequently own 30.30% stake in Titagarh Firema, for an investment of Euro 10 million.

This investment has been accompanied by an investment from a private Equity Fund based out of UAE, Hawk Eye DMCC, who has invested Euro 4.5 million and acquired 13.64% equity share capital of the Company.

The existing promoters of the company and shareholders (Titagarh Bridges & International) have also invested Euro 5.4 million as a part of the investment agreement and recapitalisation plan agreed by TFA with the Government agency and the Private Equity fund. The new equity has been issued at face value of Euro 1/- per share translating into an Enterprise Value of the company at Euro 118 million and an Equity valuation of Euro 33 million.

 

The Company along with its subsidiary Titagarh Bridges & International (TBIPL) continues to hold shares worth Euro 16.40 million representing 49.70% of TFA.

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