SAL Steel Limited Allots 3.58 Crore Equity Shares to Sree Metaliks Through Warrant Conversion

SAL Steel Limited has successfully completed the allotment of 3,57,50,000 equity shares to promoter entity Sree Metaliks Limited through warrant conversion, as announced in a board meeting outcome dated February 14, 2026. The conversion represents a significant capital infusion and demonstrates the promoter's continued commitment to the company's growth. Warrant Conversion Details The board approved the conversion of 3,57,50,000 warrants into an equal number of equity shares at an issue price of ₹18 per share, including a premium of ₹8. The conversion process involved Sree Metaliks Limited paying the remaining 75% of the warrant price, amounting to ₹13.50 per warrant. Parameter Details Warrants Converted 3,57,50,000 Issue Price per Share ₹18 (including ₹8 premium) Amount Received (75%) ₹48,26,25,000 Face Value per Share ₹10 Allottee Category Promoter Shareholding Impact The warrant conversion has significantly altered the shareholding pattern of SAL Steel Limited. Sree Metaliks Limited's stake in the company has increased substantially following the allotment. Shareholding Details Pre-Issue Post-Issue Number of Shares 4,75,12,199 8,32,62,199 Percentage Holding 43.58% 57.51% Total Shares Outstanding - 14,47,66,700 Capital Structure Enhancement Following the warrant conversion, SAL Steel's issued, subscribed and paid-up equity share capital has increased to ₹144,76,67,000, consisting of 14,47,66,700 fully paid-up equity shares of face value ₹10 each. The newly allotted equity shares rank pari-passu with existing equity shares of the company. Regulatory Compliance The warrant conversion was executed in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The original warrants were issued on October 30, 2025, following members' approval dated September 26, 2025, on a preferential basis with an 18-month conversion window. Financial Implications The successful conversion of all outstanding warrants eliminates any pending conversion obligations, with no warrants remaining unconverted. The ₹48.26 crore raised through this conversion strengthens the company's financial position and provides additional capital for business operations and growth initiatives. SAL Steel Limited has announced a key leadership change with the resignation of Shri Babulal M Singhal from his position as Whole Time Director. The company informed stock exchanges about this corporate development through a regulatory filing under SEBI disclosure requirements. Director Resignation Details Shri Babulal M Singhal (DIN: 01484213) tendered his resignation from the directorship of the company effective from the conclusion of the Board meeting held on February 14, 2026. The resignation was attributed to personal and unavoidable circumstances, as stated in the company's official communication to the stock exchanges. Parameter: Details Director Name: Shri Babulal M Singhal DIN: 01484213 Position: Whole Time Director Effective Date: February 14, 2026 Reason: Personal and unavoidable circumstances Continued Role as CFO Despite stepping down from his directorship position, Babulal M Singhal will continue to serve as the Chief Financial Officer (CFO) of SAL Steel Limited. This arrangement ensures continuity in the company's financial leadership while accommodating the director's personal circumstances that necessitated his resignation from the board. Regulatory Compliance The company has fulfilled its regulatory obligations by filing the necessary disclosures under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The intimation was sent to both BSE Limited and National Stock Exchange of India Limited, along with detailed annexures as required by SEBI circulars dated September 9, 2015, and July 13, 2023. Company Information SAL Steel Limited operates with its corporate office located at Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar, and its registered office in Ahmedabad. The company's manufacturing facility is situated at Village Bharapar, Tal. Gandhidham, Dist. Kutch-Bhuj. The resignation announcement was signed by Kaustubh Agarwal, Managing Director (DIN: 08110836), ensuring proper authorization and compliance with corporate governance requirements. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. 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