Texmaco to raise Rs150 crore through preferential issue

Texmaco Rail & Engineering Ltd announced that its board of directors has approved the raising of Rs 150 crore fund from the promoter group and a non-promoter entity.

The fund will be raised through a preferential issue of convertible warrants to group companies, subject to approval, it said.

The company will issue warrants worth Rs 75 crore to the non-promoter entity Samena Green Ltd, while a similar amount of warrants will be issued to Adventz Finance Private Ltd, which is the promoter group firm.

Each entity will acquire up to 41,70,000 warrants, the company said on Tuesday.

The fresh funds will fuel growth initiatives, it added.