Private equity firm Blackstone has bought a minority stake in Titagarh Wagons for 672 rupees a share in a pre-IPO placement, The Economic Times said on Thursday, without attributing it to a source.
Titagarh Wagons will offer 2.38 million shares in the IPO. The price band is expected to be announced in a couple of days, the paper said.
Blackstone is the fifth investor in Titagarh Wagons after GE Capital, JP Morgan, 2i Capital and ChrysCapital, the paper added.
Titagarh's Managing Director Umesh Chowdhary declined to talk about the deal, the paper said.
Officials at Blackstone and Titagarh could not be reached for comment immediately. ( Reuters)