S.A.L. Steel Limited has informed the Exchange about General Updates
SALSTEEL · price
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Sree Metaliks Limited, the promoter of SAL Steel, has converted 48,00,000 warrants into equity shares on December 28, 2025, acquiring an additional 3.32% stake in the expanded share capital (4.40% of pre-expansion voting capital). After this conversion, the promoter's equity holding rises to 4,75,12,199 shares, or 43.58% of total share capital and 32.82% of expanded capital. Including 3,57,50,000 remaining warrants, the promoter's total economic interest stands at 57.51% of the expanded capital. SAL Steel's share capital increased from ₹104.21 crore to ₹109.01 crore with this allotment. Sree Metaliks had already been classified as a promoter after completion of the Share Purchase Agreement, Share Subscription Agreement (dated September 4, 2025), and the consequent open offer under SEBI takeover rules.
This is a warrant-to-equity conversion by the existing promoter, not a fresh takeover or new open offer, so it should not trigger any additional open offer obligation. Shareholders see increased promoter skin-in-the-game and a clearer capital structure, though dilution from the larger expanded share base has already been factored in.