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Texmaco Rail expects SEBI nod for listing soon
Texmaco Rail & Engineering, formed after demerger of Texmaco Ltd, expects to get approval from the Indian capital market regulator to list on the stock exchanges soon, a senior official said on Wednesday.
Texmaco Rail & Engineering, formed after demerger of Texmaco Ltd, expects to get approval from the Indian capital market regulator to list on the stock exchanges soon, a senior official said on Wednesday.
"An application is pending with SEBI (Securities and Exchange Board of India) and we expect approval to come any day now as it has been with SEBI for quite some time," said AK Vijay, Chief Financial Officer, Texmaco.
Texmaco had demerged its heavy engineering and steel foundry divisions into Texmaco Rail and Engineering. Texmaco now manages real estate, infrastructure and hydro-electric power generation projects.
On Tuesday Texmaco had reported an 83% fall in October - December net profit to Rs 39.25 million on lower sales.
Vijay attributed the decline in net profit to demerger as "the turnover and profitability are divided into two companies".
At 10:55 a.m., Texmaco shares were down 4.22% at Rs 36.3 in a firm Mumbai market.
