Background and Context
The disclosure references two prior intimations:
- Dated April 10, 2025: Intimated the execution of a Joint Venture cum Shareholders Agreement (JVA/SA) between Ratnamani Metals & Tubes Limited and Saudi Electric Supply Company Limited (SESCO). The JV's purpose is to provide critical tubing solutions to consumers in the Kingdom of Saudi Arabia (KSA), Gulf Co-operation Council (GCC) Countries, and the rest of the world. A key objective is the local manufacturing of seamless products, which are currently imported into the KSA/GCC region.
- Dated August 26, 2025: Intimated the formal incorporation of the JV subsidiary, "RATNAMANI MIDDLE EAST COMPANY, LLC," in Dammam, KSA, on August 25, 2025.
Key Transaction Details
- Date of Action: June 23, 2026
- Action Taken: The company subscribed to equity shares in Ratnamani Middle East Company LLC.
- Number of Shares Subscribed: 75 Equity Shares
- Face Value per Share: Saudi Arabia Riyal (SAR) 20,000 each
- Total Amount Paid: SAR 15,00,000
- Resulting Shareholding: This subscription gives Ratnamani Metals & Tubes Limited a 75% equity shareholding in the JV Company, aligning with the previously agreed structure where SESCO group holds the remaining 25%.
Additional Information
The intimation has also been uploaded on the company's website at www.ratnamani.com.