Titagarh Rail Systems Limited has confirmed there was no deviation or variation in the utilization of funds raised through convertible warrants on a preferential basis. This applies to the quarter ended September 30, 2026. The company stated that the use of these proceeds aligns with the objects disclosed in its July 9, 2025, notice for an Extraordinary General Meeting held on August 8, 2025. The detailed statement of deviation is provided as an annexure.
Confirmation of Fund Utilization
Titagarh Rail Systems Limited has officially announced that there has been no deviation or variation in the utilization of proceeds from its convertible warrants, which were issued on a preferential basis. This confirmation pertains to the financial quarter that concluded on September 30, 2026.
Adherence to Original Objectives
The company’s statement, made in accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, assures stakeholders that the funds raised are being used precisely as outlined in the original disclosure. The original objects for which these warrants were issued were detailed in the notice for the Extraordinary General Meeting held on August 8, 2025, following the notice dated July 9, 2025. A formal statement detailing this adherence is appended as Annexure-A.
Fund Raising Details
The total issue size for the convertible warrants was Rs. 199.99 Crores. As of June 30, 2026, the company had received 25% of this amount, totaling Rs. 49.99 Crores, as an upfront consideration. The remaining 75% is expected to be received progressively as warrant holders exercise their option to convert these warrants into equity shares within the 18-month tenure of the warrants.
Planned Use of Funds
The funds raised are earmarked for specific purposes: Rs. 100.00 Crores for Working Capital Loan Repayment, Rs. 49.99 Crores for General Corporate Purposes, and Rs. 50.00 Crores for Reimbursement of Capital Expenditure. The company has confirmed that NIL funds have been utilized for the ‘Working Capital Loan Repayment’ and ‘General Corporate Purpose’ categories as of the reporting date, while Rs. 50.00 Crores have been utilized towards ‘Reimbursement of Capital Expenditure’.
Source: BSE
