Texmaco Rail & Engineering said that its board has approved the raising of funds through of issuance of convertible warrants by way of preferential issue aggregating upto Rs 150 crore.
The company will issue upto 83,40,000 warrants for an amount not exceeding Rs 150 crore, at a price that will be determined.For the above purpose, the board has authorised its capital issue committee, which was formed earlier by the company to decide the structure, terms and conditions thereof and all other matters related thereto.
The issue is subject to approval from the shareholders of the company and the receipt of such regulatory/statutory approvals as may be required, on preferential basis.
Texmaco Rail & Engineering is a diversified heavy engineering company, with products including railway freight wagons, hydro-mechanical equipment and industrial structures for infrastructure industry, locomotive components and locomotive shells, railway bridges, steel castings, and pressure vessels, etc.
The companys consolidated net profit soared 159.9% to Rs 29.37 crore in Q3 FY24 as compared with Rs 11.30 crore in Q3 FY23. Net sales increased 43.5% YoY to Rs 896.44 crore in Q3 FY24.
The scrip declined 4.57% to currently trade at Rs 186 on the BSE.
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