Rama Steel Tubes Limited has informed the Exchange about General Updates under Regulation 30 of SEBI LODR.
RAMASTEEL · price
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Rama Steel Tubes has filed a corrigendum to the notice of its Extra-Ordinary General Meeting (EGM) held on 18 June 2025, following observations from the stock exchange. All resolutions at the EGM were approved by members with the required majority. The corrigendum updates the explanatory statement on how the company plans to use the funds raised through the issue. As per Annexure-A, ₹177.30 Cr from the issue proceeds is earmarked for acquiring a company in the Renewable Energy, Engineering and Infrastructure business, to be utilized within 1 year of receiving the funds. The acquisition will be done through a mix of cash and share swap. The company has also clarified that pending full deployment, unutilized proceeds may be temporarily parked in interest-bearing liquid instruments, bank deposits, or money market instruments.
Shareholders have approved the EGM resolutions, and the company is now set to deploy ₹177.30 Cr towards a diversification acquisition into Renewable Energy and Infrastructure, marking a significant strategic shift from its core steel tubes business. The share swap component means equity dilution for existing shareholders, while the cash deployment will reshape the company's capital structure and business mix over the next year.