Outcome of the Board Meeting held on December 01, 2025 for 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 Ltd's Board, at its meeting on December 01, 2025, approved the allotment of 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS) of Rs. 10 face value each on a preferential basis. These OCRPS were issued in exchange (not for fresh cash) against the conversion of 28,31,139 Non-Convertible Redeemable Preference Shares (NCRPS) previously held by the same investors. Each OCRPS is convertible into 1.05 equity shares of Rs. 10 face value, exercisable on or before August 11, 2035. The OCRPS were allotted to three 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 follows the in-principle approval from BSE dated November 17, 2025, and shareholder approval via postal ballot on May 14, 2025.
No fresh capital is being raised — this is a restructuring of existing securities from NCRPS into OCRPS, converting a non-convertible instrument into one that can eventually be exchanged for equity. Shareholders should note potential future equity dilution (up to ~21.44 lakh shares) when OCRPS holders exercise their conversion option by 2035, though no immediate dilution or cash impact occurs.