Outcome of the Board Meeting held on December 01, 2025 - Allotment of 20,42,133 OCRPS of the Company having Face Value of Rs. 10/- each on Preferential basis to specified persons.
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Scan Steels' board, at its meeting on December 1, 2025, approved the allotment of 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS) of Rs. 10 face value each to 3 specified allottees — Bayanwala Brothers Pvt Ltd (11,07,508), Gopikar Supply Pvt Ltd (4,67,527), and Ascon Merchandise Pvt Ltd (4,67,098). This is not a fresh capital raise; the OCRPS were issued in exchange for 28,31,139 existing Non-Convertible Redeemable Preference Shares (NCRPS) already held by these investors, following shareholder approval via postal ballot on May 14, 2025. Each OCRPS is convertible into 1.05 equity shares of Rs. 10 face value at the holder's option, exercisable on or before August 11, 2035. The conversion ratio implies a potential future equity dilution of up to approximately 21.44 lakh shares if fully converted.
No fresh cash is being raised and there is no immediate dilution — the OCRPS simply replace existing NCRPS held by the same investors. Shareholders should be aware of a long-dated, optional future dilution of roughly 21.4 lakh equity shares (about 1.05x the OCRPS count) if holders choose to convert by August 2035.