Vardhman Special Steels Limited has informed the Exchange about Intimation under regulation 30 of SEBI LODR Regulations 2015.
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Vardhman Special Steels has issued a further corrigendum to the notice of its Extra-Ordinary General Meeting (EGM) scheduled for 25 June 2025. The company has clarified that the vague phrase 'such other purposes as agreed between the Company and Aichi Steel Corporation' stands deleted from the explanatory statement. The revised wording specifies that the preferential issue proceeds of INR 3,849,088,060 (approx. INR 384.9 crore) from the allotment of 1,47,70,100 equity shares (face value INR 10) to Aichi Steel Corporation will be used for three specific purposes: setting up a greenfield steel manufacturing plant at Ludhiana, capital expenditure for the existing plant, and repayment of working capital borrowings.
This corrigendum provides shareholders with greater clarity on how the ~INR 385 crore being raised from Aichi Steel Corporation will be deployed, removing broad discretionary language. It reinforces the strategic intent behind the preferential allotment — funding a new greenfield steel plant and strengthening the balance sheet — which is a positive signal for long-term growth, though it remains subject to shareholder approval at the upcoming EGM.