Titagarh Rail Systems Limited has submitted the Monitoring Agency Report from CARE Ratings Limited concerning the utilization of proceeds from the Preferential Issue of 21,11,932 Convertible Warrants. The report covers the quarter ended December 31, 2025. The company confirmed that the utilization aligns with the disclosures made in the Offer Document, with ₹50.00 crore utilized during the quarter, primarily for the Reimbursement of Capex.
Quarterly Compliance Filing for Warrants Proceeds
Titagarh Rail Systems Limited submitted its quarterly compliance report, dated February 13, 2026, detailing the deployment of funds raised via a Preferential Issue of Convertible Warrants. The monitoring was conducted by CARE Ratings Limited for the period ending December 31, 2025. The total issue size aggregated to Rs. 199.99 crores.
Utilization Status and Monitoring Findings
The Monitoring Agency confirmed that all fund utilization aligns with the objects detailed in the Offer Document. There were no material deviations observed regarding objects or means of finance during this reporting period.
Details of Objects Monitored
The total proposed cost across the three monitored objects amounted to Rs. 199.99 Crore, broken down as follows:
- Working Capital Loan Repayment: Rs. 100.00 Crore
- General Corporate Purpose: Rs. 49.99 Crore
- Reimbursement of Capex: Rs. 50.00 Crore
Progress During the Quarter (Q3 FY26)
Out of the total amount raised until December 31, 2025 (which was Rs. 50.00 crore, representing 25% subscription amount), the utilization tracked during the quarter ending December 31, 2025, was Rs. 50.00 crore.
The utilization breakdown for the quarter was:
- Working Capital Loan Repayment: No amount utilized during the quarter.
- General Corporate Purpose: No amount utilized during the quarter.
- Reimbursement of Capex: Rs. 50.00 Crore was utilized for land acquisition in line with the object of the issue. This constituted the entire utilization reported for the quarter.
Implementation Timeline Status
Regarding the completion timelines for the stated objects, the status as of the reporting date shows:
- Working Capital Loan Repayment: Ongoing (Scheduled within 24 months from warrant allotment).
- General Corporate Purpose: Ongoing.
- Reimbursement of Capex: Completed as of November 07, 2025.
The Monitoring Agency noted that the completion of Capex reimbursement was achieved ahead of the initial projected date, with no delays reported across any object.
Source: BSE
