HDFC Mutual Fund buys Titagarh Wagon shares worth Rs 103 cr

By: | Published: July 17, 2015 6:31 PM

Titagarh Wagons today said HDFC Mutual Fund has acquired over 98 lakh shares in the company, a deal that could be worth more than Rs 103 crore.

Titagarh Wagons today said HDFC Mutual Fund has acquired over 98 lakh shares in the company, a deal that could be worth more than Rs 103 crore.

HDFC Mutual Fund acquired a total of 98,70,302 shares or 4.04 per cent stake in the company through the QIP route, the wagon manufacturer said in a filing to the BSE.

The date of receipt of intimation of allotment of shares was on July 15, 2015, the filing said.

After the acquisition, HDFC Mutual Fund’s stake has risen from 5.47 per cent to 9.51 per cent, the filing added.

Earlier this week, Titagarh Wagons said it has acquired Italy-based Firema Trasporti to mark its foray into the metro coach and high-speed train manufacturing.

The firm had said that with this acquisition, its order book “increases from Rs 875 crore by addition of euro 220 million to total above Rs 2,400 crore”.

Last week, the wagon manufacturer said it will raise up to Rs 250 crore by selling securities to institutional investors. “Floor price of Rs 104.64 per equity share of face value of Rs 2 each” was fixed and the QIP opened on July 8.

Based on the floor price, the acquisition of 4.04 per cent stake in the company could be worth about Rs 103.3 crore.

Shares of the company today rose by 7.16 per cent to settle at Rs 120.55 apiece on the BSE.

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