STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding allotment of 49587272 securities pursuant to Other at its meeting held on July 30, 2025
STEELXIND · price
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On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 1.6 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Steel Exchange India allotted approximately 4.96 crore equity shares (face value Rs. 1) to three non-promoter entities on a preferential basis at Rs. 11 per share (including a Rs. 10 premium). The shares were issued on conversion of part of the company's outstanding convertible warrants, after the holders paid the balance 75% of the warrant subscription amount. The allottees were Neo Special Credit Opportunities Fund (~1.32 crore shares), Kolluri Impex Private Limited (~1.82 crore shares), and KGR Resources LLP (~1.82 crore shares). As a result, the company's paid-up equity capital rose from Rs. 119.76 crore to Rs. 124.72 crore. Separately, about 3.31 crore warrants were forfeited because the holders did not exercise them in time, and the 25% upfront subscription money paid on those warrants was also forfeited.
Existing shareholders face further equity dilution from this preferential allotment, but the company has received fresh capital from the warrant conversion. The forfeiture of nearly 3.31 crore warrants along with the upfront subscription money is a mildly negative signal, indicating that some warrant holders could not or chose not to complete their commitments.