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Titagarh Wagons Ltd has decided to raise funds worth around Rs 250 crore though equity placements with qualified institutional investors. The company aims to submit the offer document with SEBI by early next month.
Meanwhile, it has sought shareholders' approval through a postal ballot for the fund-raising plan.
Umesh Chowdhary, Managing Director and Executive Vice-Chairman of TWL, told BusinessLine that the funds would be utilised for any of the verticals where the company is present. Apart from being a railway rolling stock manufacturer, TWL is also into the manufacture of defence equipment, and tractors (through a subsidiary).
TWL has also proposed sub-division of one share of Rs. 10 each into 5 shares of of Rs 2 each. Shareholders have been asked to send in their votes within April 11.
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