Rama Steel Tubes Board Approves ₹500 Crore Further Public Offering; Stock Closes Over 6% In Green

Rama Steel Tubes Limited on Tuesday through an exchange filing announced its plans to raise funds through an further public offering.

The decision to this was made at the company's meeting held on April 22, 2024 , subject to approval of shareholders, approved raising of funds by way off further issue of Equity Shares for an aggregate amount of upto Rs 500 crores by way of a further public offer.

For this fundraising initiative, the board has taken several steps:

- Firstly, it re-constituted and authorised the Fund Raising Committee, granting it authority to oversee the process, including the appointment of necessary intermediaries, for the completion of the issuance of Equity Shares by way of further public offer.

- The board also approved convening of an extraordinary general meeting of the company, scheduled to be held on Saturday, June 1, 2024.

- In line with regulatory requirements, the company has appointed M/s. Shah & Santoki, Practicing Company Secretary, as the scrutinizer of the company for the extraordinary general meeting.

"During these period members of the Company holding shares either in physical form or in dematerialized form as on Saturday, May 25, 2024 (cut-off date for E-voting) may cast their vote through remote-e voting," the company said in the regulatory filing.

Rama Steel Tubes Limited Shares

The shares of Rama Steel Tubes Limited on Tuesday at 3:30 PM IST were at Rs 13.63, up by 6.07 per cent.