Vardhman Special Steels Limited has informed the Exchange regarding 'Intimation under regulation 29(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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Vardhman Special Steels has informed exchanges that an Extra-Ordinary General Meeting (EGM) will be held on June 25, 2025, to seek shareholder approval for a preferential issue of 1,47,70,100 equity shares (face value INR 10 each) to Aichi Steel Corporation (ASC), a Japanese company. The total issue size is approximately INR 384.91 crore (INR 3,849,088,060), implying an issue price of roughly INR 260.60 per share. The allotment will be made on a private placement basis. The Board had already approved this proposal at its meeting on May 29, 2025.
Existing shareholders may see a dilution of their stake due to the new equity issuance, but the investment from a global Japanese steel major like Aichi Steel signals strategic interest and could strengthen the company's financial position and business ties. The stock may react based on perceptions of the issue price relative to the current market price.