Titagarh Wagons Gains on Decision to Merge Subsidiaries

Titagarh Wagons shares surged nearly 3 per cent on Monday as it decided to merge two of its wholly owned subsidiaries with itself.

In a release to Bombay Stock Exchange, the rail wagon manufacturer said that its board has approved a scheme of amalgamation of its fully owned subsidiaries - Cimmco Equity Holdings Private Ltd, Titagarh Marine Ltd - with itself.

The merger is subject to the approval of the shareholders of the company.

Under the merger, all assets and liabilities of the subsidiaries will be transferred to Titagarh Wagons, but no fresh shares will be issued on amalgamation since the amalgamating companies are wholly owned subsidiaries of the company.

Titagarh Wagons shares closed 2.27 per cent lower at Rs 105.35 apiece compared to 0.93 per cent fall in the broader Nifty.