The company plans to raise funds through the issuance of upto 76 lakh equity shares of Rs 2 each on a preferential basis at a price of Rs 380 per share as against a floor price of Rs 347.68 per share.

This is subject to approval of the offer by regulatory/statutory authorities and the shareholders of the company at the extra-ordinary general meeting (EGM) and such other permissions, sanctions and statutory approvals, as may be required.

Titagarh Wagons is the largest private sector manufacturer of railway coaches (EMUs, MEMUs) and the largest wagon maker (other than railways).

The company reported a consolidated net profit of Rs 48.24 crore in Q4 FY23 as against a net loss of Rs 24.95 crore in Q4 FY22. Net sales more than doubled to Rs 974.22 crore in the fourth quarter from Rs 422.19 crore recorded in the same period last year.

Shares of Titagarh Wagons slipped 2.57% to Rs 411.10 on the BSE.