Notice of the Extra-ordinary General Meeting of the Company scheduled to be held on Monday, 08th December, 2025 is enclosed.
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Steelco Gujarat Limited has called an EGM on December 8, 2025 at 11:00 A.M. via video conferencing to seek shareholder approval on 9 items. The headline proposal is the issuance of non-convertible debentures (NCDs) up to Rs. 300 crores on a private placement basis (first series approximately Rs. 160 crores). The company also seeks to raise its overall borrowing limit to Rs. 500 crores, enable creation of security up to the same limit, and approve investments/loans/guarantees up to Rs. 500 crores. Shareholders will vote to increase authorized share capital from Rs. 5 crore to Rs. 25 crore (2.5 crore equity shares of Rs. 10 each) and adopt new Restated Articles of Association. NCD holders will get rights to appoint nominee directors and observers, and the NCDs will carry a conversion option into equity in case of default. Related party transactions include corporate guarantees from Sainaisha Traders Pvt Ltd and Ultimate Investofin Pvt Ltd, plus a personal guarantee from Mr. Alok Jain.
The Rs. 300 crore NCD issuance signals the company is raising substantial debt, likely for expansion or refinancing — dilution risk exists if NCDs convert to equity on default. Allowing NCD holders to appoint nominee directors may reduce existing shareholders' board influence until the debt is fully repaid, making shareholder approval of these resolutions important.