STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on March 30, 2026
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Steel Exchange India Limited has called its 1st EGM for FY 2025-26 on March 30, 2026 at 11:30 AM, to be held via video conferencing. The key business is seeking shareholder approval to issue up to 36.14 crore convertible equity warrants at Rs. 9.45 per warrant (face value Re. 1, premium Rs. 8.45), aiming to raise up to Rs. 350 crores on a preferential basis. The warrants will be allotted to 5 non-promoter entities and 1 promoter group entity, with India Coke and Power Pvt Ltd and IMR Steel Pvt Ltd being the largest allottees at ~Rs. 150 crores each. Warrant holders must pay 25% upfront and the remaining 75% on conversion, with 18 months to exercise. Book closure is from March 24-30, 2026, and e-voting runs March 27-29, 2026.
If approved, this preferential issue could result in significant equity dilution for existing shareholders once warrants are converted, but would bring in up to Rs. 350 crores of fresh capital. Promoter group participation (Rs. 21.74 crores worth) signals insider confidence, while the large allocation to two non-promoter entities could shift control dynamics. The stock may see short-term volatility around the EGM outcome.