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Bengaluru, July 11, 2025: Titagarh Rail Systems Limited has announced plans to raise ~₹200 crore through a preferential allotment of 21,16,402 convertible warrants to members of its Promoter Group. The Board of Directors approved the proposal at its meeting held on 9 July 2025, subject to requisite approvals.

Fund raising details:

Titagarh will issue 21,16,402 warrants, each convertible into one equity share of face value ₹2, at a floor price of ₹945 per warrant. The entire issue, aggregating ~₹200 crore, is being made to members of Promoter Group – Mrs. Rashmi Chowdhary and Mr. Prithish Chowdhary on a preferential basis in accordance with Chapter V of the SEBI ICDR Regulations.

Key terms:

·         Issue size: 21,16,402 warrants amounting to ₹199,99,99,890.

·         Warrant exercise price: ₹945 per warrant

·         Deposit amount: 25% on application; balance 75% on conversion

·         Conversion period: Within 18 months from allotment

Post‐Issue Shareholding Impact

*Post‐conversion shareholding percentage

Purpose of Funds

Proceeds from the issue will be deployed for various purposes including the following:

·         Planned investment in state-of-the art plant and machinery

·         Support working capital to enhance chances of new order wins

·         Invest in technology and automation for future‐ready rail solutions

·         Other permissible general corporate and administrative purposes

Extraordinary General Meeting

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The production line has been set up by TRSL, following the award of a contract by Indian Railways to design and manufacture 80 Vande Bharat Sleeper train sets under a consortium between TRSL & BHEL. With a total value of around INR 24000 crore including long-term maintenance of 35 years, the project is among the significant initiatives being undertaken under our Hon’ble Prime Ministers  Make in India and Aatmanirbhar Bharat initiatives.

The sleeper variant of Vande Bharat will be India’s first long-distance, semi high-speed train offering fully indigenous design, superior passenger comfort, and cutting-edge safety features. With a modern coach layout, smart onboard systems, and energy-efficient operations, the train is designed to deliver a transformative experience for intercity travel across India.

Speaking about the inauguration of the production line, Mr. Umesh Chowdhary, Vice Chairman & Managing Director of Titagarh Rail Systems, said, “This is a proud moment for the Titagarh Rail Systems- BHEL teams. The Vande Bharat Sleeper project is a shining example of what can be achieved when the public and private sectors come together with a shared vision, and strive towards a truly Aatmanirbhar Bharat. This production line reflects our commitment to building future-ready mobility solutions and contributing meaningfully to the vision of a more connected and self-reliant India.” 

With production now underway at the Uttarpara plant, the prototype of Vande Bharat Sleeper trains are expected to roll out in the next calendar year—ushering in a new era of faster, smarter, and proudly Made-in-India rail travel. The Uttarpara facility itself is a cornerstone of this vision. With Industry 4.0 technologies and robotic production lines, it represents a significant step forward in India’s rail manufacturing capabilities. As the only site in the country equipped to produce both stainless steel and aluminium coaches under one roof, it currently has an annual capacity of 300 coaches, which is being scaled up to 850 to meet increasing demand. 

Titagarh Rail Systems Limited is a leading comprehensive mobility solutions provider. The company designs and manufactures a wide range of world-class rolling stock—including semi high-speed trains, urban metros, passenger coaches, and specialized freight wagons.

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The contract underscores TRSL’s expertise in designing and manufacturing specialized freight wagons for bulk transportation. The BCFCM and BVCM wagons are designed to optimize the passage of fly ash and cement, ensuring faster and more cost-effective movement of these essential materials. Additionally, it highlights TRSL’s ability to deliver customized solutions tailored to the specific needs of its patrons.

The execution of this order, scheduled between January 2026 and March 2027, will leverage TRSL’s advanced manufacturing facilities and engineering capabilities to ensure the highest standards of quality and timely delivery.

Commenting on the order, Mr. Anil Kumar Agarwal, Deputy Managing Director, Titagarh Rail Systems Ltd, said: “At Titagarh Rail Systems, we are proud to partner with Ambuja Cements and ACC Limited in their commitment to enhance logistics efficiency through rail-based freight solutions. This contract further strengthens our order book and highlights the industry’s confidence in our ability to deliver high-performance, specialized wagons. With our advanced manufacturing capabilities, we are committed to ensuring efficient and seamless transportation solutions while contributing to the progress of India’s infrastructure.” 

The Company is committed to delivering these rakes with top-notch quality, ensuring smooth integration into Adani Cement’s operations. TRSL continues to play a key role in advancing the more efficient movement of goods and facilitate flow of benefits thereof to the society while participating in the modernization of India’s rail infrastructure.

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The official handover reinforces Titagarh’s stature as a leading manufacturer of cutting-edge, world-class trains while spotlighting India’s ascent as a global hub for railway manufacturing. It celebrated the rollout of the Bengaluru Metro Yellow Line and also again demonstrates the capability of  Titagarh’s Metro Manufacturing Facility in Uttarpara, West Bengal. These milestones underscore the Company’s unwavering commitment to advancing urban mobility in India and showcase its growing manufacturing capabilities and innovative approach within the railway sector.

The event took place in the presence of Shri. Manohar Lal (Hon’ble Minister for Housing and Urban Affairs) who joined the celebrations virtually.

Shri. Manohar Lal, Honourable Minister for Housing and Urban Affairs, said,“As we inaugurate Bengaluru Metro’s new trainset and surpass 1,000 kilometers of operational metro rail, we celebrate a significant milestone in India’s urban mobility journey. Bengaluru, a global hub of IT and innovation, continues to address urban challenges with enhanced metro connectivity, benefiting millions. Guided by PM Shri Narendra Modi ji’s vision of a ‘Viksit Bharat’ by 2047, metro projects are transforming our cities, boosting economic growth, and creating jobs. With India now ranking third globally in metro rail, we aim to surpass the United States within five years. I commend Titagarh Rail Systems Ltd. for their exceptional ‘local for global’ manufacturing, delivering world-class trainsets, and contributing to Atmanirbhar Bharat.” 

Mr. Umesh Chowdhary, Managing Director, Titagarh Rail Systems Ltd., said, “Today marks a significant milestone in our journey at Titagarh as we proudly deliver the trainset for Bengaluru Metro’s Yellow Line. This achievement is a testament to our commitment to excellence and innovation and speaks of the ability, expertise and engineering we have built up locally. We are honoured to support Bengaluru’s vision of becoming a global city with world-class urban mobility solutions. Our team is dedicated to delivering advanced, sustainable, and efficient rolling stock that will redefine the commuting experience for millions of passengers in Karnataka.”

Designed for state-of-the-art performance, the trainset incorporates advanced automation that enables it to operate in driverless mode. It marks a significant milestone as the first Metro train completely manufactured in India for Bangalore Metro’s Yellow Line and the first stainless steel trainset by Titagarh Rail Systems Ltd. It reflects India’s strides in indigenization and its growing role as a global rail manufacturing hub, aligning with the Hon’ble Prime Minister’s vision of a Viksit Bharat. These trainsets operate in Driverless (GOA4) mode, boosting efficiency with advanced automation. The sleek design combines modern interiors, reduced power consumption, enhanced sustainability, and world-class safety features for a seamless and secure passenger experience.

Titagarh will deliver two more trainsets to the Yellow Line by April this year. The Company will then ramp up production, delivering two trains a month by September, 2025.

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