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The iron & steel producer will issue two new fully paid-up equity shares of Re 1 each for every one existing fully paid-up equity share of Re 1 each held by the eligible shareholders as on the record date.
The company said that it will credit the bonus shares to the eligible shareholders within 2 months from the date of boards’ approval, on or before 24 March 2024.
Meanwhile, the board has also approved the proposal of increasing the authorised share capital of the company to Rs 200 crore from Rs 55 crore and the consequent alteration of capital clause of the memorandum of association (MOA) of the company.
Rama Steel Tubes is engaged in the business of manufacturing of Steel Pipes and related products.
The company reported a 21.61% increase in consolidated net profit to Rs 6.19 crore in Q2 FY24 as against Rs 5.09 crore in Q2 FY23. However, revenue from operations declined 41.44% year on year to Rs 203.33 crore during the quarter ended 30 September 2023.
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