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 Pvt., which is the promoter group firm.
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Each entity will acquire up to 41,70,000 warrants, the company said on Tuesday.
The fresh funds will fuel growth initiatives, it added.
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