Surani Steel Tubes Limited — Others, 15-05-2025: Monitoring Agency Report

Surani Steel Tubes Limited has announced a Monitoring Agency Report from CARE Ratings on Rs. 98.06 Cr raised through a preferential issue of fully convertible warrants, revised down from Rs. 108.70 Cr due to undersubscription. The funds were fully deployed as planned, mainly for working capital and raw material procurement from a related party, with no idle funds or issue expenses. The company confirmed completion of the fund utilization on schedule. Notably, an Enforcement Directorate search was conducted at the promoter’s residence, which could be relevant for shareholders.