plans to increase its borrowing limits to ₹300 crore from ₹200 crore excluding temporary bank loans obtained in the ordinary course of business.
The company will seek shareholders approval through a special resolution in the forthcoming annual general meeting.
The proposed enhancement is aimed at providing greater financial flexibility to support the company’s business expansion, growth initiatives and future funding requirements.
The proposed increase in borrowing limit is expected to strengthen the company’s ability to deploy capital towards its planned growth opportunities.
The company has recently commenced power generation from its 1 MW captive ground-mounted solar power project at its manufacturing facility in Gujarat.
The project is now operational and generates renewable power for captive consumption.
With energy accounting for nearly 20 per cent of the company’s overall cost base, the captive renewable power source is expected to support greater operational efficiency and cost competitiveness over the long term.
Rhetan TMT has strengthened its product portfolio with Bureau of Indian Standards certification for premium-grade Fe500D, Fe550 and Fe550D TMT bars. The certification enables the company to supply these premium-grade TMT bars for government and PSU infrastructure projects across India.
Shalin Shah, Managing Director of Rhetan TMT Ltd said the commissioning of captive solar power project is an important step to strengthen the energy economics of the manufacturing operations.
With energy representing a meaningful component of the cost base, the project gives the company greater control over a key operating input while also supporting sustainability objectives, he said.