Vardhman Special Steels Limited has informed the Exchange about Copy of Newspaper Publication.
VSSL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Vardhman Special Steels has published a corrigendum to the EGM notice (scheduled for June 25, 2025) detailing a proposed preferential issue of equity shares at Rs. 260.60 per share. The company plans to raise approximately Rs. 384.9 crore, with the proceeds earmarked for: setting up a new greenfield steel plant at Ludhiana (~Rs. 134.9 crore), capex at the existing plant (~Rs. 100 crore), and repaying working capital borrowings of ~Rs. 150 crore from SBI, Axis Bank, YES Bank, and CTBC Bank within 10 days of receipt. The issue price was determined using SEBI ICDR pricing regulations and a valuation report by AlphaValue Consulting. Post-issue, promoter holding will dilute from 60.37% to 51.13%, while public shareholding will rise from 39.63% to 48.87%, with total shares increasing from 8.17 crore to 9.65 crore.
Existing public shareholders will see their stake diluted as roughly 1.48 crore new shares are issued to specific investors. The fund raise signals expansion plans (new plant) and balance sheet improvement via debt repayment, which could be positive for long-term growth but is mildly dilutive in the short term.