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Awaiting price reaction for this filing.
Steelman Telecom's subsidiary EC Wheels India Pvt Ltd, which operates electric passenger vehicles, raised an additional Rs. 54.01 lakh by allotting 34,403 Pre-Series A Compulsorily Convertible Preference Shares to a group of investors at Rs. 157 per share (including a Rs. 147 premium). As a result, Steelman Telecom's stake in EC Wheels reduced marginally from 50.36% to around 50.22%. This is one of several ongoing capital raises by EC Wheels as it funds its growth and expansion phase.
Minimal direct impact on Steelman Telecom shareholders since the stake dilution is very small (about 0.14 percentage points). However, EC Wheels continues to require fresh capital to fund expansion, which may lead to further dilution in future rounds.