Isgec Titan Metal Fabricators Private Limited announced that it expects to receive INR 25.5 million in funding from Isgec Heavy Engineering Limited

Isgec Titan Metal Fabricators Private Limited announced a private placement and it will issue common shares for gross proceeds of INR 25,500,000 on November 14, 2023. The transaction will include participation from returning investor, Isgec Heavy Engineering Limited. Post the closing of the transaction, the investor will continue to hold 51% stake in the company.

The transaction has been approved by the board of directors of the investor and not required any governmental or regulatory approvals. The transaction is expected to close on March 31, 2024.