On Monday, wagon manufacturer Titagarh Wagons said that its board has approved the allocation of 1.5 crore shares to raise Rs 150 crore through qualified institutional placement.

In a filing to BSE Titagarh said, “Approved the allocation of up to 1,50,89,025 equity shares aggregating to Rs 150 crore to successful bidders who are qualified institutional buyers”.

The board has approved the proposal to raise funds through QIP on July 9.

The company also said that the decision of raising funds through qualified institutional placement (QIP) was taken after the approval from its Board of Directors and the nod from shareholders through postal ballot.

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