Proceedings of the Extra-ordinary General Meeting of the Company held on Monday, 8th December, 2025 at 11:00 am
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Steelco Gujarat held its EGM on December 8, 2025, via video conferencing, chaired by Managing Director Mr. Anoop Kumar Saxena, with all required quorum present. Nine resolutions were tabled, most notably a proposal to issue non-convertible debentures (NCDs) up to Rs. 300 crore on a private placement basis, with the first series expected to be around Rs. 160 crore. Shareholders were also asked to approve raising borrowing limits to Rs. 500 crore (from the previous limit), creation of security for those borrowings, and increasing the company's authorised share capital five-fold from Rs. 5 crore to Rs. 25 crore. Additional items included allowing debenture-to-equity conversion in case of default, related-party transactions for collateral securities on the debentures, and adoption of new restated Articles of Association. E-voting results were not declared at the meeting and will be disclosed to BSE within two working days.
This is a materially significant EGM: the company is laying the groundwork for a large debt raise (up to Rs. 300 crore in NCDs) and increasing borrowing headroom to Rs. 500 crore, suggesting expansion, refinancing, or restructuring. The sharp jump in authorised share capital and the debenture-conversion-in-default clause indicate a meaningful dilution risk for existing shareholders if things go wrong. Retail investors should watch the e-voting results closely once released to confirm shareholder approval.