Rama Steel Tubes Ltd approves 4:1 bonus issue

The Board of directors of Rama Steel Tubes Ltd at its meeting held today i.e., 18th November,2022, has considered and approved the issue of 4 (Four) bonus equity shares for every 1 (one) fully paid-up equity share subject to shareholder's approval.

The board approved increase in Authorised Share Capital from INR 11,50,00,000 (Eleven Crore Fifty Lakh) to INR 55,00,00,000 (Fifty-Five Crore) and alteration in Capital Clause of Memorandum of Association.

The Board of directors of the company have discussed in details about the matter with respect to acquisition of busihess of companies engaged in similar line of business which will help in integration of businesses. For the said purpose the Board formed a committee to explore possibilities for acquisition of companies engaged in similar line of business. The committee is directed to prepare a detailed report on the same for the consideration of the Board.

The Bonus shares will be issued out of credit of the share premium account of the Company available on the basis of audited financial statements as at 30th September, 2022.

The Pre-Bonus paid-up share capital is Rs. 9,12,31,165/- divided into 91231165 equity shares of Rs. 1/- each and Post-Bonus paid-up share capital will be Rs. 45,61,55,825/- divided into 456155825 equity shares of Rs. 1/- each subject to shareholders approval.

Source : Equity Bulls

Keywords

RamaSteelTubes 4For1 BonusIssue