Titagarh Wagons has increased its stake in Cimco Equity Holdings (CEHPL) from 50% to 99.23%. Consequently, CEHPL has become its subsidiary company on and from April 15, 2014.
This is pursuant to conversion of 6,40,00,000 0% Optionally fully Convertible Debentures (OFCD) of Rs 10 each aggregating Rs 64 crore on April 15, 2014, the company’s stake has gone up from 50% to 99.23%.
Titagarh Wagons is engaged in manufacturing of railway wagons, bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration. It also manufactures special wagons, shelters and other engineering equipment for the Indian defence establishment.
