TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 08, 2025
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Titagarh Rail Systems has issued a corrigendum to its EGM notice dated July 16, 2025, ahead of the EGM scheduled for August 8, 2025, to incorporate clarifications requested by NSE and BSE. The company is proposing to issue up to 21,11,932 fully convertible warrants at Rs. 947 per warrant to promoter group members Smt. Rashmi Chowdhary (15,83,951 warrants) and Shri Prithish Chowdhary (5,27,981 warrants), aggregating up to Rs. 199.99 crores. Each warrant is convertible into one equity share of Rs. 2 face value at a premium of Rs. 945, within 18 months of allotment. The floor price as per SEBI ICDR Regulations works out to Rs. 946.29. The corrigendum also revises the shareholding pattern showing promoter group holding rising from 40.46% to 41.38% post-issue, and clarifies use of proceeds including Rs. 50 crores towards reimbursement of capital expenditure for land acquisition at Uttarpara, West Bengal (total land cost Rs. 126.63 crore). The remaining contents of the original EGM notice stay unchanged.
If approved, this preferential warrant issue will raise up to nearly Rs. 200 crore from the promoter group, modestly increasing their stake from 40.46% to 41.38% and resulting in minor equity dilution for public shareholders. The move signals promoter confidence and provides funds for growth/capex, but it is a related-party transaction that needs shareholder approval at the August 8 EGM.