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 SEBI (Securities and Exchange Board of India) to list on the stock exchanges soon, a senior official said on Wednesday. 

"An application is pending with SEBI 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 Oct-Dec net profit to Rs39.25 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 am, Texmaco shares were down 4.22% at Rs36.3 in a firm Mumbai market.