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Steelman Telecom's subsidiary EC Wheels India Pvt Ltd, which operates electric passenger vehicles, has raised an additional Rs. 9,50,164 from a group of investors through the allotment of 6,052 Pre-Series A Compulsorily Convertible Preference Shares at Rs. 157 per share (including a Rs. 147 premium). As a result of this fresh issuance, Steelman Telecom's stake in EC Wheels has been diluted from 50.66% to approximately 50.63%. This is part of an ongoing capital-raising effort by EC Wheels to fund growth and expansion, following several previous rounds since December 2023.
Minor dilution of Steelman Telecom's stake in its EV subsidiary by about 0.03%. The marginal dilution suggests EC Wheels is gradually raising small capital tranches, and the parent's controlling stake remains largely intact.