Updates on Preferential Issue of the Company
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Awaiting price reaction for this filing.
Remi Edelstahl Tubulars informed BSE that its preferential issue of 11,95,893 equity shares (face value Rs 10) was undersubscribed by 2,33,000 shares after a member of the promoter group decided to subscribe to fewer shares than originally planned, citing strategic reasons. The issue was priced at not less than Rs 129.33 per share, a steep premium over the Rs 10 face value, with BSE in-principle approval received on October 7, 2025 and Form PAS-4 circulated on October 11, 2025. The Board approved the undersubscription on October 20, 2025 and stated it will not affect the company's financial stability, operations, or growth plans. The original proposal also included 6,69,226 convertible warrants to certain non-promoters, which remains part of the issue.
The company will raise slightly less equity capital than originally targeted, but management assures shareholders that operations and growth plans remain unaffected. A promoter-group member reducing its subscription may be viewed as a mild negative signal, though the company has framed it as immaterial.