Intimation of Receipt of In-principle Approval U/R 28(1) of SEBI LODR Regulations for proposed preferential issue of the Company & submission of Listing Application.
SCANSTL · price
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Scan Steels Ltd has received in-principle approval from BSE for issuing 20,42,133 Optionally Convertible Preference Shares (OCRPS) at Rs. 10 each. Upon conversion, these OCRPS will translate into 21,44,239 equity shares at a price of not less than Rs. 57.12 per share. The issuance is being made to both promoters and non-promoters on a preferential basis. The company has also submitted a listing application to BSE on May 12, 2026 for the resulting equity shares. BSE has advised the company to strengthen internal controls to prevent intra-day trading by allottees before the allotment date, as required under SEBI ICDR Regulations.
This preferential issue will result in dilution of existing shareholder equity. The conversion of OCRPS to equity shares increases the outstanding share count, which may impact earnings per share. The issuance to promoters and non-promoters could strengthen the company's capital base.