Umiya Tubes Limited has approved a proposal to change its name to either Kronmet Industries Limited or Somet Industries Limited, reflecting a strategic pivot from steel tubes to tungsten-based products. The Board also authorized an increase in the company's authorized share capital from ₹30 crore to ₹80 crore.

The decisions were taken during a board meeting held on September 24, 2026. The name change is necessitated by the fact that the company's revenue from its original line of business (steel tubes) has dropped to zero, while 100% of current revenue is derived from tungsten-based products, parts, and tools.

Capital structure expansion

The proposed increase in authorized share capital involves raising the limit from ₹30 crore divided into 3 crore equity shares of ₹10 each, to ₹80 crore divided into 8 crore equity shares of ₹10 each. This alteration requires a change in Clause V of the Memorandum of Association and will be presented as an ordinary resolution at the upcoming Annual General Meeting (AGM).

The company stated that the additional capital is required for the expansion of its business operations in the near future. The revised notice for the 13th AGM, scheduled for September 30, 2026, has been issued to include these new agenda items.

Strategic shift in operations

The explanatory statement highlights that the previous name indicated a focus on stainless steel, iron, and alloy steel tubes. However, following a general meeting on August 8, 2025, the object clause was altered to engage in tungsten-based products. Since the revenue from the legacy tube business is nil, the board deemed a name change essential for accurate market representation.

Applications for the reservation of the new names have been submitted to the Registrar of Companies but are currently under process. The final name will be subject to regulatory approval.

What the Numbers Show

The divergence between the historical brand identity and current financial reality is stark. With zero revenue from the original tube manufacturing segment and 100% revenue concentration in tungsten products, the corporate restructuring is not merely cosmetic but a necessary alignment with actual operational cash flows. The significant jump in authorized capital to ₹80 crore suggests preparedness for substantial equity issuance or debt structuring to support this concentrated product line.

Umiya Tubes Limited has scheduled its 13th Annual General Meeting for September 30, 2026. The meeting will be conducted through video conference or other audio-visual means.

The company issued the notice in compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Annual Report for FY25-26 has been dispatched electronically to shareholders.

E-voting and Logistics

Remote e-voting will commence on September 27, 2026, at 9:00 am and conclude on September 29, 2026, at 5:00 pm. Voting rights are determined by paid-up capital as of the cut-off date, September 25, 2026.

Shareholders can access the voting platform via Central Depository Services (India) Limited. Once a vote is cast, it cannot be changed. The register of members will not be closed as there are no physical shareholders.