The proposal for the construction of a plant in Raipur, Chhattisgarh, was approved by the Rama Steel Tubes Ltd's board of directors.

The plant will have a production capacity of up to 2,000 MT per year, and the total capital expenditures needed to set up the projects will be close to Rs. 250,000,000.

For the purpose of producing ERW black pipe, HOT DIP galvanising, solar structures, cold rolling lines, continuous galvanising lines, etc., the company is expanding its presence in the eastern region of India by building a new factory in Raipur, Chhattisgarh.

In order to meet the demand for its products in the eastern region of India, this will allow our company to grow its operations.

Additionally, the Board of Directors of the company approved the proposal for fundraising for an amount not exceeding Rs 500 crore through a rights issue/QIP placement etc.

As per bulk deal data available on BSE, Societe Generale, a Foreign Institutional Investor (FII) picked up 60,00,000 shares in Rama Steel Tubes on July 18, 2023, at an average price of Rs 38.17 per share aggregating to Rs 22.90 crore.