Texmaco has great potential for growth
Says Mr A Murugappan's on successful closure of Texmaco QIP
Tweet-- “We are pleased to announce the successful closure of QIP for Texmaco Limited aggregating to Rs. 170.56 Crores. The placement was made at Rs.104/- per equity share which is above the floor price calculated in accordance with Chapter XIII – A of SEBI DIP Guidelines.
We are extremely satisfied at the overwhelming response by the investor community which proves that there is enough appetite for the right quality of stock. Texmaco has great potential for growth and we are glad that we’ve been able to successfully convey this to the investors during the road shows. The initial issue size had to be increased to 1.64 crore shares to satisfy the demand and the issue has commanded a premium to the floor price which, in these markets, has been a challenge for pricing some of the other placements.
We believe that the railway infrastructure space is a sector which is poised to grow significantly, given the Government’s thrust to developing freight corridors and such other initiatives. Texmaco, with its in house design capabilities and state of the art infrastructure, is just at the right spot to seize the opportunities and realize its potential as a value added solution provider in the Indian infrastructure sector,” said Mr A Murugappan, Executive Director, ICICI Securities Ltd.