Rama Steel Tubes to raise ₹500 crore via ‘further’ public offer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Steel pipes maker Rama Steel Tubes Ltd (RSTL) on Tuesday (April 23) said it has decided to raise funds amounting to ₹500 crore through a “further” public offer, following the approval of its board of directors in a meeting held on April 22, 2024.

The proposed fundraising, subject to the approval of shareholders and other necessary regulatory clearances, will be executed through the issue of additional equity shares, according to a stock exchange filing.

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“We wish to inform you that the Board of Directors of the company, at its meeting held today (i.e. April 22, 2024) has, subject to the approval of shareholders’ and I or other requisite regulatory I statutory approvals, approved raising of funds by way of further issue of Equity Shares for an aggregate amount of up to ₹500 crores by way of a further public offer,” it said.

Also, the board has reconstituted and authorised the Fund Raising Committee and assigned all the powers to it, including but not limited, to the appointment of various intermediaries for the completion of the issue of the equity shares.

Shares of Rama Steel Tubes Ltd ended at ₹13.63, up by ₹0.78, or 6.07%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow