Declaration of Voting Results of Extra-ordinary General Meeting of the Company and Scrutinizer''s Report
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Steelco Gujarat Ltd held an EGM on 08-December-2025 where all 9 resolutions were passed with overwhelming support (99.88% in favour, 0.12% against). Key approvals include raising up to Rs. 300 crore through non-convertible debentures on a private placement basis (first series ~Rs. 160 crore), increasing authorised share capital fivefold from Rs. 5 crore to Rs. 25 crore, enhanced borrowing powers under Section 180(1)(c), creation of security under Section 180(1)(a), and approval to convert SteelCo Debentures into equity shares in case of default. A related-party transaction resolution on collateral securities for debentures was also passed, with promoter group votes (47 lakh shares) excluded as invalid for being related parties. Promoters Ultimate Investofin Ltd, Next Orbit Growth Fund, and Sainaisha Traders Pvt Ltd hold about 94.6% of shares (47 lakh of 49.66 lakh total), making the outcome largely controlled. A new restated Articles of Association was also approved.
Shareholders should note the company is undertaking significant debt fundraising of up to Rs. 300 crore and has authorised a 5x expansion in share capital, which creates meaningful dilution risk if debentures are converted to equity upon default. The heavy promoter concentration means voting outcomes largely reflect promoter decisions, but the resolutions clear the way for substantial new borrowing and potential future equity issuance.