Enclosed Notice of the 38th Annual General Meeting of the Company scheduled on 16/08/2025 at 2 p.m (IST) through VC/OAVM.
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India Steel Works Limited has called its 38th AGM on 16 August 2025 at 2:00 p.m. via video conferencing, with book closure from 10 to 16 August 2025 and remote e-voting window from 12 to 15 August 2025. Besides routine items like adoption of FY25 financials, a 0.01% dividend on preference share capital, and re-appointment of Director Mrs. Priyanka V. Gupta, the meeting has several special business proposals: (i) changing the company's name from "India Steel Works Limited" to "Indiahomes Limited," (ii) revising Articles of Association to allow issue of securities on loan conversion, (iii) revoking all four resolutions and one ordinary resolution passed at the 21 December 2024 EGM (which had approved preferential equity allotments totalling about 24.71 crore shares to promoters and non-promoters plus an authorised capital hike), (iv) raising the overall borrowing ceiling to Rs. 500 crore, (v) enabling lenders to convert up to Rs. 300 crore of unsecured loans into equity on default under Section 62(3), (vi) entering a strategic real estate LLP with Lloyds Realty Developers and Smartquip Properties for developing the company's Khopoli land, and (vii) approving material related-party transactions of up to Rs. 50 crore each with eight related parties including promoter entities and family members.
The combination of revoking prior preferential allotment approvals and introducing new Rs. 300 crore loan-to-equity conversion provisions means existing shareholders face fresh dilution risk on a different capital-raising path. Large related-party transactions, a proposed borrowing hike to Rs. 500 crore, and a strategic pivot from steel to real estate (signalled by the name change) are material to shareholders, who must act before the 9 August cut-off date to be eligible to vote.