Titagarh Rail Systems Limited confirms that for the quarter ending December 31, 2025, there has been no deviation or variation in the utilization of proceeds raised from the issuance of Convertible Warrants on a preferential basis. The original objects, announced in July 2025, remain unchanged. The Audit Committee has reviewed and confirmed this finding, with nil funds utilized against the goals set for the reported quarter.
Confirmation of No Deviation in Fund Utilization
Titagarh Rail Systems Limited has issued a mandatory compliance statement regarding the utilization of funds raised through the issuance of Convertible Warrants on a preferential basis. For the quarter ending December 31, 2025, the company confirms that there was no deviation or variation from the stated objects disclosed earlier in the notice dated July 9, 2025.
Fund Raising Details Overview
The total issue size for the warrants amounted to Rs. 199.99 Crores, raised on November 4, 2025. As of the reporting date (December 31, 2025), the company had received 25% of the issue size, equating to Rs. 49.99 Crores, as upfront consideration. The remaining 75% is expected upon the exercise of conversion options by warrant holders within the 18-month tenure.
Utilization Status for the Quarter
The subsequent table details the allocation of funds and the utilization status relevant to the objects proposed:
- Working Capital Loan Repayment: Original allocation was 100.00 Crores. Funds utilized during this quarter: NIL.
- General Corporate Purpose: Original allocation was 49.99 Crores. Funds utilized during this quarter: NIL.
- Reimbursement of Capital Expenditure: Original allocation was 50.00 Crores. Funds utilized during this quarter: 50.00 Crores.
The document explicitly states that the utilization for Reimbursement of Capital Expenditure matched the allocation for the quarter, resulting in NIL deviation/variation across all three specified objects for the period ending December 31, 2025.
Compliance and Review
This statement, confirming the absence of any deviation or variation in the objects or amounts utilized, has been duly reviewed by the company’s Audit Committee, which offered None as comments.
Source: BSE
