India's Titagarh Rail Systems has approved the transfer of its shipbuilding and maritime systems (SMS) business to its wholly owned subsidiary, Titagarh Naval Systems.
The decision was finalised during a board of directors meeting held on December 31, 2025.
The transfer will be executed as a going concern on a slump sale basis through a business transfer agreement.
This follows the in-principle approval previously granted by the board on August 11, 2025. The transition is scheduled to take effect on January 1, 2026.
In addition to the business transfer, the company's nomination and remuneration committee approved the grant of new stock options under the 2023 employee stock option plan.
A total of 124,500 stock options were granted from the existing pool at an exercise price of INR860 ($10.33) per share.
The committee also approved the grant of 750,000 additional stock options following an amendment to increase the total scheme size from 500,000 to 1,500,000 options.
These new options are priced at INR750 per share and entitle employees to an equivalent number of equity shares upon vesting.
The company said the vesting schedules for these options remain consistent with previously reported terms.
It added that these grants were made to eligible employees in accordance with the regulations set by the Securities and Exchange Board of India.