Blackstone buys Titagarh Wagons stake in pre-IPO placement news
13 March 2008

Mumbai: US private equity firm Blackstone is believed to have acquired 230,000 shares of Titagarh Wagons for Rs16 crore. The acquisition was made at Rs672 a share in a pre-IPO placement, media reports said.

Kolkata-based Titagarh Wagons is offering 2.38 million shares in an initial public offer and the price band is expected to be announced in a couple of days, the report said.

The company will sell 2.06 million shares in the primary market through a 100 per cent book-building issue.

Blackstone is the fifth major investor to put money in Titagarh Wagons. The other investors include GE Capital Infrastructure (15 per cent), JP Morgan (5 per cent), 2i Capital (6 per cent) and ChrysCapital (6.5 per cent).

The promoter group, the Chowdharys, holds a 57 per cent stake.
 
Titagarh Wagons is a leading railway freight wagon manufacturer. It makes railway wagons, balley bridges, heavy earth moving and mining equipment, steel and SG iron castings. It is one of the approved vendors for defence manufacturing as an 'industry partner' to the Defence Research and Development Organisation, and also manufactures other products for the Indian defence establishment, such as special purpose wagons, shelters and other engineering equipment.   

 


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Blackstone buys Titagarh Wagons stake in pre-IPO placement