Texmaco Rail & Engineering Limited
Subsidiary Investment Agreement with Vagus Def Tech & Aerospace Fund-1
Main Body
On 14th August 2026, Texmaco Rail & Engineering Limited executed a Share Subscription & Shareholder's Agreement (SSSA) with its subsidiary Texmaco Defence Technologies Ltd (TDTL) and Vagus Def Tech & Aerospace Fund-1 (Calculus) for a total investment of up to ₹200 Crores in TDTL. The investment structure involves:
- First tranche of ₹100 Crores to be invested by Calculus through subscription to fresh issuance of equity shares
- Remaining ₹100 Crores to be invested through issuance of equity instruments or debt instruments or such other manner as may be agreed between the Company and Calculus
Upon completion of the proposed subscription, Calculus will hold 30% of the equity share capital of TDTL. Consequently, TDTL will cease to be a wholly-owned subsidiary of Texmaco Rail and will become a subsidiary, with Texmaco's shareholding reducing from 100% to 70%.
The transaction is expected to be completed within 90 days from the Execution Date (14th August 2026). The disclosure confirms that this is not a related party transaction as the promoter/promoter group/group companies do not have any interest in Calculus, and the transaction is not considered a related party transaction under SEBI regulations.
Financial Details of TDTL
As of 31st March 2026:
- Revenue/turnover/income: Not provided (disclosed as "-")
- Net worth: ₹0.01 Crores