The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for United Steel Allied Industries Pvt Ltd
OILCOUNTUB · price
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United Steel Allied Industries Pvt Ltd (USAIPL), part of the promoter group, converted 41,50,000 Optionally Convertible Preference Shares (OCPS) into equity shares of Oil Country Tubular Ltd on 08 May 2025. As a result, USAIPL's equity holding in the company rose from 1,80,39,165 shares (37.71% of pre-allotment equity capital) to 2,21,89,165 shares (42.68% of expanded equity capital, 38.17% on a diluted basis). The OCPS were originally issued to USAIPL on 31 December 2024 at Rs 65 per share, convertible into one equity share each within 18 months. This is the second tranche of conversion; 35,50,000 OCPS were converted earlier on 29 January 2025, and 61,46,154 OCPS remain outstanding. The company's equity share capital expanded from Rs 47.84 crore to Rs 51.99 crore because of this allotment.
This is a pre-agreed conversion of instruments already held by the promoter group, not an open market purchase, so there is no fresh supply shock or demand surge. However, it does strengthen the promoter group's effective voting control in the company, which is generally seen as a positive signal of promoter commitment.