TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about Statement of Deviation(S) Or Variation(S) In Utilisation of Funds Raised Through Preferential Issue
TITAGARH · price
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Titagarh Rail Systems has filed a quarterly compliance statement confirming no deviation in the use of funds raised through convertible warrants on a preferential basis, originally approved at the EGM held on August 8, 2025. The total issue size is Rs. 199.99 Crores, of which the company has received Rs. 49.99 Crores (25%) as upfront subscription money on November 4, 2025; the remaining 75% will come in when warrant holders exercise conversion over the 18-month tenure. The planned allocation is Rs. 100 Cr for working capital/loan repayment, Rs. 50 Cr for reimbursement of capital expenditure, and Rs. 49.99 Cr for general corporate purposes. During Q3 FY26 (Oct–Dec 2025), the company utilized Rs. 50 Cr towards capital expenditure reimbursement, with the Audit Committee and Care Ratings (monitoring agency) noting no deviations or objections.
Reassuring for shareholders as funds raised via preferential warrants are being used strictly as originally disclosed, with no diversion. The pending 75% conversion could create future equity dilution once warrant holders choose to convert, which investors should keep in mind.