Texmaco Rail & Engineering Limited has informed the Exchange regarding Notice of Postal Ballot
TEXRAIL · price
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Texmaco Rail & Engineering is seeking shareholder approval via postal ballot (remote e-voting from 15 March 2026 to 13 April 2026) to vary the use of unutilized funds from its April 2024 preferential issue. Of the original ₹150 Crore planned (revised to ₹142.77 Crore after forfeiture of unexercised warrants), only ₹4.34 Crore (4.03%) was deployed for the stated capex on new rolling stock manufacturing facilities at Paradip (Odisha) and Kolkata/Howrah, while the full ₹35 Crore earmarked for general corporate purposes has been used. The company now proposes to redirect the unutilized ₹103.43 Crore from the original capex object to fund working capital requirements, citing changes in the geo-political environment and macro-economic conditions that forced a realignment of business operations. The 2024 preferential issue involved 77,72,020 convertible warrants at ₹193 each allotted to Adventz Finance (Promoter Group) and Samena Green (Public), of which 73,97,270 were later converted into equity shares; 3,74,750 warrants held by Samena Green lapsed with ₹1.80 Crore forfeited. CARE Ratings Limited continues as the Monitoring Agency for the use of proceeds.
Shareholders are being asked to approve a significant redirection of funds (₹103.43 Crore) from a tangible capex project — which remains only 4% utilized — to general working capital, which the company says will cut interest costs and aid profitability but provides no fixed asset or milestone to track deployment. The proposal reflects a strategic pivot that existing investors should evaluate in light of the under-utilization of original capex plans and the forfeiture of warrants by a non-promoter public investor.