STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding Outcome of Board Meeting held on March 04, 2026.
STEELXIND · price
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Awaiting price reaction for this filing.
Steel Exchange India Limited's board has approved issuing up to 36.14 crore convertible warrants at Rs 9.45 each (face value Re.1, premium Rs 8.45), raising up to Rs 350 crore on a preferential basis. The warrants are allotted to 7 investors — six non-promoter entities and one promoter group entity — with India Coke and Power Pvt Ltd and IMR Steel Pvt Ltd being the largest allottees at 15.87 crore warrants each. Each warrant is convertible into one equity share within 18 months, after which unexercised warrants will lapse. Separately, the board approved modifying the terms of its listed Non-Convertible Debentures, changing the security ranking from a second charge to a first charge on the company's current assets in favour of debenture holders. An extraordinary general meeting (EGM) has also been called to seek shareholder approval for the preferential issue.
This is a large equity dilution event — up to 36.14 crore new shares could be issued, significantly expanding the share count and potentially pressuring the stock price. The NCD modification is negative for equity shareholders as it gives debenture holders first claim on current assets, reducing the security cushion available to equity. Investors should watch the EGM outcome and monitor the stock for dilution impact.