OPEN APP
Home / Markets / Stock Markets /  Multibagger steel stock announces stock split: Details here
Listen to this article

With a market cap of Rs. 659 crores, Rama Steel Tubes Ltd. is a small-cap company that operates in the ferrous metals industry. The company is one of India's top producers of rigid PVC & G.I. pipes and steel pipes and tubes. The firm has a presence abroad in countries like the United Kingdom, United Arab Emirates, Sri Lanka, Ethiopia, Kenya, Uganda, Ghana, Kuwait, Republic of Congo, Yemen, Guyana, Germany, USA, South Africa, Zambia, and Malta, among others, thanks to its 20 per cent export rate. The firm can produce up to 2,64,000 metric tonnes annually. The company has announced a split of its equity shares, which it unveiled yesterday.

The company said in BSE filing that “This is in continuation of our earlier announcement submitted to the exchange on 17th June, 2022 and 29th June, 2022, We wish to inform you that the Board of Directors of the Company had recommended the proposal of sub-division of Equity Share of face value of Rs. 5 /- each fully paid up into Equity Shares of face value of Re. 1/- each fully paid up at the Record Date to be determined as authorized by the Board of Directors, subsequent to the approval of the shareholders through Postal Ballot."

As per the data available on BSE filing, the company has also announced “Acquisition of 50% shareholding of Hagar Mega Mart Private Limited by issuance of fresh equity shares of Rama Steel Tubes Limited against shares subscription amount subject to the approvals of statutory authority and shareholders of the respective companies. The issuance of shares of Rama steel Tubes Limited shall be in the form of preferential issue of shares and shall be in compliance with applicable provisions of SEBI (ICDR) Regulations, 2018."

“Acquisition of 50% shareholding of Hagar Mega Mart Private Limited by issuance of fresh equity shares of Rama Steel Tubes Limited against shares subscription amount subject to the approvals of statutory authority and shareholders of the respective companies. The issuance of shares of Rama steel Tubes Limited shall be in the form of preferential issue of shares and shall be in compliance with applicable provisions of SEBI (ICDR) Regulations, 2018," the company has further stated.

“To consider and approve Issuance of such number of equity shares of M/s Rama Steel Tubes Limited up to maximum amount of 32 Crore against acquisition of 51% stake in M/s Ashoka Infrasteel and 50% shareholding of M/s Hagar Mega Mart Private Limited subject to such terms and conditions as may be determined by the Board of Directors of the Company and at such price as may be determined in accordance with the applicable provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 and subject to approval of shareholders of the Company through Postal Ballot and approval of applicable regulatory authorities as the case may be, in accordance with the SEBI (ICDR) Regulations and other applicable laws," the company said in BSE exchange filing.

The shares of Rama Steel closed today at 390.75 level, down by 1.24% from its previous close. The stock on the NSE surged from 147.65 on the 7th of July 2021 to the current level, a multibagger gain of 164.65 per cent in a single year. The stock has gained 9.75 per cent in price by year-to-date (YTD) or so far in 2022. Based on the current market price, Rama Steel Tubes is trading above the 5 days, 20-day, 50-days, 100-day, and 200-day moving averages.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout