STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding allotment of 28297870 securities pursuant to Preferential Issue upon conversion of warrants into equity shares at its meeting held on April 30, 2026
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Steel Exchange India Limited has allotted 2,82,97,870 equity shares of Rs. 1 each to Ms. Gunakala Vijayalakshmi (Non-Promoter Group) upon conversion of warrants. The warrant holder paid Rs. 29,92,49,975 (approximately Rs. 10.57 per share) as balance consideration for the conversion. The allotment was approved via board resolution passed on April 30, 2026. The company's share capital has increased from Rs. 1,24,72,20,542 to Rs. 1,27,55,18,412, reflecting a dilution of about 2.83 crore new shares. The warrants were originally allotted on October 31, 2024, approved by shareholders in the AGM held on September 27, 2024.
This is a dilutive event for existing shareholders as nearly 2.83 crore new equity shares have been issued, increasing the total share count. The conversion price of around Rs. 10.57 per share indicates the price at which warrant holders converted their holdings into equity.