Board approves preferential issue of 2.04 crore warrants

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)+0.1%-2.3% vs market

Iron & Steel Products peers, median of 92sector+0.0%-2.3% vs sector

On the reaction day the stock moved 2.3 pts less than Nifty Smallcap 250 and 2.3 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The board approved up to 2,04,08,220 warrants at Rs 245 each, potentially raising about Rs 500 crore. Each warrant converts into one Rs 1 equity share, a Rs 244 premium, within 18 months of allotment. Seven promoter and non-promoter investors are proposed. Shareholders will vote on 15 October 2025; regulatory approvals are also required. Unconverted warrants will lapse and the paid amount will be forfeited.

Likely market impact

If converted, the new shares will dilute existing holders; promoter-group ownership is projected to fall from 63.51% to 63.05%.