The Industrials sector is the focus of Rhetan Tmt Ltd, an S&P BSE SME IPO with a market size of €939.25 cr. A company based in Ahmedabad, Gujarat, named Rhetan Rolling Mills Private Limited, was incorporated on January 26, 1984 and is currently engaged in the manufacture of high quality TMT ingots that comply with ISI standards. Rhetan Tmt was listed on the BSE on 09/05/2022. The initial public offering (IPO) of Rhetan TMT Limited had a fixed issue price of €70 per share and a maximum issue size of €56 cr. The stock has risen to €442.00 as of today’s close, an all-time gain of 564.66% over the IPO price.
The Board of Directors said in a listing today: “In accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements}, Regulations, 2015, we wish to inform you that the Company has set Tuesday 31 January 2023 as the record date, for the purpose of the determination of the eligibility of the shareholders who, pursuant to the shareholder approval received on Friday, January 13, 2023, are entitled to the following matters: 1. Subdivision from 1 (one) share share of par value of Rs. 10/- each fully paid up to 10 (ten) shares of par value of Rs. 1/- each fully paid. 2. Issue of 11 (eleven) Bonus Shares for every 4 (four) Shares held by the Company’s shareholders.”
Rhetan TMT Ltd shares closed today on the BSE €442.00 per share, down 0.67% from the previous close €445.00. The share recorded a total volume of 8000 shares. On a YTD basis, the scrip is down 2.21% so far. For the quarter ended September or Q2FY23, the Company reported promoter participation of 62.12% and public participation of 37.88%. At today’s close, the stock was trading above its 5-day and 50-day moving averages, but below the 10- and 20-day moving averages (SMA).
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