Texmaco Rail & Engineering, one of the leading heavy engineering companies in the country, witnessed a rise in share price on Tuesday after the company said that the duly empowered committee of board of directors of the company has approved the execution of a non-binding term-sheet with promoters of Bright Power Projects (India) Private (Bright Power) for the acquisition of majority equity share capital (76%) of Bright Power at an enterprise value of about Rs 1 billion, subject to applicable conditions.

Shares of the company are trading at Rs 108.45, up Rs 3.9, or 3.73% at the Bombay Stock Exchange (BSE) on Tuesday at 9:58 a.m.

Total volume of shares traded on the bourses today was higher by 321.35% to 479,729 compared with 22-day average volume of 113,854.