Outcome of the Meeting of the Board of Directors held on 12th March, 2026 -pursuant to Regulations 30 of SEBI (LODR) Regulations, 2015
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Steelco Gujarat's board approved two key items related to its Listed, Secured, Non-Convertible Debentures (NCDs). First, the interest payment date for NCDs has been revised from the last day of each quarter to the first day of each fiscal quarter, with the last payment aligning with the final settlement date. Second, the board approved creating security over properties owned by Eesan Estate Developers and Sanish Developers as additional collateral for debenture holders, with Vistra ITCL (India) acting as Debenture Trustee. The agenda on the Rights Issue was deferred, and the meeting was adjourned sine die, with the reconvened date to be announced later.
The NCD changes are administrative and don't change the economics of the debt for equity shareholders, though the additional collateral from related-party developers suggests the company is working to reassure debenture holders. The deferral of the Rights Issue is a negative signal for equity shareholders awaiting capital-raising details, indicating uncertainty around the timing or structure of the proposed issue.