Rama Steel Tubes withdraws proposed preferential issue of 15.34 crore equity shares due to cross-border regulatory complexities.
The issue was intended for a share swap to acquire 21.62% stake in Abu Dhabi's Automech Group Holding Limited.
Company received all necessary approvals including shareholder and stock exchange in-principle approval but faces procedural impasse.
Company intends to re-initiate the share swap transaction after completing compliance formalities in India and Abu Dhabi.