Visa Steel Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on November 02, 2025
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VISA Steel Limited held an Extraordinary General Meeting (EGM) on November 2, 2025, via video conferencing, chaired by Mr. Vishambhar Saran. The key item transacted was a Special Resolution to issue up to 5,00,00,000 (5 crore) warrants convertible into equity shares to VISA Industries Limited, a member of the promoter group, on a preferential basis. The meeting lasted 29 minutes (12:00 PM to 12:29 PM), with both remote e-voting and e-voting by poll conducted through KFin Technologies. The Chairman highlighted that the objective of the meeting was this preferential issue. Voting results along with the Scrutinizer's Report are to be submitted to stock exchanges on or before November 4, 2025.
If approved, the issue of 5 crore convertible warrants to the promoter group will lead to significant equity dilution for existing public shareholders once the warrants are exercised, while simultaneously increasing the promoter's stake in the company. Shareholders should watch the forthcoming voting results and the issue price/disclosure of the preferential allotment terms, as these will determine the actual dilution impact.