STEEL EXCHANGE INDIA LIMITED has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on March 30, 2026. Further, the company has informed the Exchange regarding voting results.
STEELXIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Steel Exchange India held an Extra-Ordinary General Meeting on March 30, 2026, where shareholders approved a special resolution to issue up to 36.14 crore Convertible Equity Warrants on a preferential basis at Rs. 9.45 per warrant (face value Re. 1, premium Rs. 8.45), for an aggregate consideration not exceeding Rs. 350 crores (actual allotment value ~Rs. 341.58 crores). The warrants will be allotted to seven entities — six non-promoter entities (India Coke and Power, IMR Steel, Jurox Enterprises, Thomson Wyman Enterprises, Amar Advisors, and Venus Partners) and one promoter group company (Satyatej Vyapaar, getting ~Rs. 21.74 crores worth). Each allottee must pay 25% upfront at subscription and the remaining 75% at the time of conversion into equity shares, with a maximum 18-month exercise window. The resolution passed with overwhelming support — 99.9986% of votes polled were in favor, with the promoter group voting its entire 60.67 crore shareholding in support.
This is a significant dilution event for existing shareholders — if all warrants are converted, up to 36.14 crore new shares could be issued against the current ~124.72 crore equity base, implying potential dilution of roughly 22-29%. On the positive side, the company could raise up to Rs. 350 crores to strengthen its balance sheet, and the promoter group's own participation signals some confidence. The stock may see short-term pressure given the large preferential issuance and the deeply discounted warrant price relative to any prevailing market price, though the actual capital infusion could support long-term growth.