Titagarh Wagons (TWL) will be divesting 4.49 percent stake in its subsidiary Cimmco in the open market to pave way for the proposed merger. TWL will be selling its 4.49 percent of stake in Cimmco to bring down the holding for compliance for the proposed scheme of amalgamation. TWL holds 79.37 percent and is required to bring it down to at least 75 percent. TWL will sell offer for sale (OFS) of 12,27,415 equity shares of Rs 10 each through exchange route on June 7.
Titagarh Wagons is engaged in the business of manufacturing Railway Wagons, EMU (Rail Coaches), Bailey Bridges, Heavy Earth, Moving and Mining Equipment, Steel and SG iron castings of moderate to complex configuration etc.
