Rama Steel Tubes Withdraws Proposed Preferential Issue

Rama Steel Tubes Limited has withdrawn its proposed preferential issue of up to 15,34,50,146 equity shares. The decision was made by the Acquisition and Allotment Committee of the Board of Directors on April 25, 2026. The proposed issue aimed to acquire a 21.62% stake in Automech Group Holding Limited through a share swap arrangement. The withdrawal is due to procedural impasses related to cross-border transaction complexities, regulatory approvals in Abu Dhabi, and SEBI (ICDR) Regulations requiring allotment completion within 15 days. The company intends to initiate the process again after completing compliance formalities and approvals in both India and Abu Dhabi.