Texmaco raises Rs 171 cr via QIP

MUMBAI: Engineering major Texmaco announced the successful closure of its qualified institutional placement (QIP) aggregating to Rs 170.56 crore.

This entails issue of 1.64 crore equity shares of Re 1 each at a price of Rs 104 per equity share, which is above the floor price as calculated in accordance with Sebi guidelines. ICICI Securities acted as the sole global co-ordinator for this issue.

Texmaco is a leading engineering complex in eastern India that manufactures a range of precision and heavy engineering products such as commodity-specific freight cars, high-speed bogies, automatic couplers, draft gears, CMS crossings, industrial castings, hydro-mechanical equipment for mega power plants, cryogenic pressure vessels, heat exchangers, boilers and heavy steel structures.

Some of these are made in India for the first time ever in technical collaboration with world-renowned companies.