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Awaiting price reaction for this filing.
Rajasthan Tube Manufacturing Company has notified BSE that its 39th AGM will be held on Saturday, 19th July 2025 at 10:00 AM in Jaipur. E-voting runs from 16th–18th July 2025 with a cut-off date of 12th July 2025. Key items include adoption of FY25 audited financials, appointment of new statutory auditors (M/s UCC & Associates LLP, filling the casual vacancy caused by resignation of M/s Giriraj & Lohiya), and appointment of a new secretarial auditor (M/s Khushbu Kanwar & Co.) for a 5-year term. The board is also seeking shareholder approval for a major hike in authorized share capital from Rs. 8 crore to Rs. 60 crore, corresponding alterations to the Memorandum and Articles of Association, and the right to issue up to 55 crore equity shares of Rs. 1 each at par or premium. Several board-level changes are proposed, including appointment of Mr. Pankaj Jain as Whole-Time Director, Mr. Mahendra Kumar Modi as Independent Director, and re-designation of Ms. Chanchal from Independent to Non-Independent Director.
The proposed 7.5x jump in authorized capital and permission to issue up to 55 crore new shares signals potential fundraising plans, which could meaningfully dilute existing shareholders depending on pricing. Re-designation of an Independent Director to Non-Independent and multiple board changes warrant a close governance review by investors.