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Meanwhile, the company's board has also approved raising of funds by way of issuance of equity shares by way of preferential issue to promoter/ promoter group, for an amount not exceeding Rs 50 crore, on preferential basis for cash.
The issuances are subject to approval from the shareholders of the company and the receipt of such regulatory/statutory approvals as may be required.
Texmaco Rail & Engineering is a diversified heavy engineering company, with products including railway freight wagons, hydro-mechanical equipment and industrial structures for infrastructure industry, locomotive components and locomotive shells, railway bridges, steel castings, and pressure vessels, etc.
On a consolidated basis, the company reported net profit of Rs 12.75 crore as against a net loss of Rs 20.54 crore. Net sales surged 119.9% YoY to Rs 656.82 crore in Q1 FY24.
Shares of Texmaco Rail closed 1.43% lower at Rs 140.95 on Friday, 15 September 2023.
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