Rama Steels gains ~2% as board to consider fund-raise on April 19

11 Apr 2022 , 03:45 PM

In its regulatory filing today, Rama Steel Tubes Limited informed that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, April 19, 2022, to consider the proposal for raising funds by way of the issue of fresh Shares/Warrants through preferential basis along with other matter, if any, as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the Company.

The Board, if required would also consider conducting an Extraordinary General Meeting/ Postal Ballot process to seek approval of the Shareholders inter-alia in respect of the aforesaid proposals(s) if the same is approved by the Board.

Rama Steel’s stock was trading at Rs401.50, up by 1.47% against its previous close of Rs395.70 on NSE. It touched intraday high and low of Rs409.95 and Rs388.85 respectively.