S.A.L. Steel Limited has informed the Exchange regarding 'Disclosure under regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ( SEBI (SAST) Regulations )'.
SALSTEEL · price
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Sree Metaliks Limited has acquired a 39.30% stake in SAL Steel Limited through a preferential allotment on October 30, 2025. The deal includes 1,92,50,000 equity shares at Rs 18 each (Rs 34.65 crore) and 3,57,50,000 convertible warrants at Rs 18 each (Rs 64.35 crore), totaling about Rs 99 crore. Before this deal, Sree Metaliks held no shares in SAL Steel. Once the related Share Purchase Agreement, Share Subscription Agreement (both dated September 4, 2025), and a mandatory open offer are completed, Sree Metaliks will become the new promoter of SAL Steel and the existing promoters will step down. The expanded share capital of SAL Steel will rise to Rs 104.21 crore from Rs 84.97 crore.
This signals a change of control at SAL Steel, with Sree Metaliks set to take over as promoter after completing the open offer. Shareholders should watch for the open offer price and timeline, as they will get an exit opportunity at a regulator-determined price.