Titagarh Rail Systems Limited has confirmed there was no deviation or variation in the utilization of funds raised from the issuance of convertible warrants on a preferential basis during the quarter ended June 30, 2026. The company stated that the proceeds are being used in accordance with the objects outlined in the notice dated July 9, 2025. The details of fund utilization are provided in an annexed statement.
Confirmation of Fund Utilization
Titagarh Rail Systems Limited has issued a statement confirming that there has been no deviation or variation in the utilization of proceeds from its issuance of convertible warrants on a preferential basis. This statement pertains to the financial quarter that concluded on June 30, 2026.
Adherence to Disclosed Objects
The company affirmed its adherence to the original objectives for which the funds were raised, as detailed in the notice dated July 9, 2025, which also called for an Extraordinary General Meeting on August 8, 2025. A detailed statement outlining the lack of deviation is annexed to this disclosure.
Fund Raising Details
The funds were raised through the issuance of convertible warrants on a preferential basis on November 4, 2025, amounting to ₹199.99 Crores. As of June 30, 2026, the company had received 25% of the issue size, totaling ₹49.99 Crores, as an upfront consideration. The remaining 75% is to be received as and when warrant holders exercise their conversion option into equity shares within the warrants’ 18-month tenure.
Breakdown of Fund Allocation
The disclosed objectives for raising funds include: Working Capital Loan Repayment (original allocation ₹100.00 Crores), General Corporate Purpose (original allocation ₹49.99 Crores), and Reimbursement of Capital Expenditure (original allocation ₹50.00 Crores). For the quarter ended June 30, 2026, NIL funds were utilized for the first two purposes, while ₹50.00 Crores were utilized for the reimbursement of capital expenditure. There has been no deviation from the original objects or the allocated amounts.
The information provided is available on the company’s website, www.titagarh.in.
Source: BSE
