Please find the attached disclosure.
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Awaiting price reaction for this filing.
Steelman Telecom's subsidiary, EC Wheels India Pvt Limited (which runs electric passenger vehicles), raised an additional Rs. 56.92 lakhs from a group of investors by allotting 36,255 Pre-Series A Compulsorily Convertible Preference Shares at Rs. 157 per share (face value Rs. 10, premium Rs. 147). As a result, Steelman Telecom's shareholding in EC Wheels has marginally reduced from 50.51% to approximately 50.36%. This is part of an ongoing capital-raising effort by EC Wheels to fund its expansion phase, and similar shareholding-fluctuation disclosures have been made multiple times since late 2023.
The dilution is very small (about 0.15%) and the capital raise amount is modest, so the financial impact on Steelman Telecom is limited. However, it signals continued investor interest in the EV subsidiary and ongoing funding activity for its growth.