Wagon manufacturer Texmaco Ltd announced on Tuesday that it had raised Rs 170.56 crore through a qualified institutional placement (QIP) of shares.
In all, the company issued 1.64 crore equity shares of Rs1 each at a price of Rs104 per equity share. ICICI Securities acted as the sole global coordinator for the QIP issue.
Texmaco, a KK Birla company, manufactures a range of precision and heavy engineering products, including new generation commodity specific freight cars, high speed bogies, automatic couplers, draft gears, CMS crossings, industrial castings, hydro-mechanical equipment for mega power plants and so forth.
At the recent 69th AGM of the company, Texmaco chairman Saroj Poddar had said the company will foray into metro rail coach manufacturing to tap the huge potential in the sector and that the company is looking at a greenfield unit with an investment of Rs 200-300 crore.
On Tuesday, the company said it will use the entire QIP money on new projects. ?The response from marquee investors, both domestic and foreign, was good,? said Poddar.
Ramesh Maheshwari, president and CEO, added that ?Texmaco will use the proceeds of the issue towards capex requirement for our expansion and diversification including proposed joint ventures to launch the company in a new trajectory.?