Scan Steels Receives BSE In-Principle Approval for Preferential Issue of Optionally Convertible Preference Shares

Scan Steels Limited has received in-principle approval from BSE Limited for a proposed preferential issue of Optionally Convertible Preference Shares (OCRPS), the company disclosed in a regulatory filing dated May 13, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Preferential Issue

The approval, granted vide BSE letter No. LOD/PREF/KS/FIP/1162/2024-25 dated November 17, 2025, covers the issuance of OCRPS to both promoters and non-promoters on a preferential basis. The following table summarises the key parameters of the proposed issue:

Parameter: Details Number of OCRPS: 20,42,133 Face Value (OCRPS): ₹10/- each Equity Shares upon Conversion: 21,44,239 Face Value (Equity Shares): ₹10/- each Conversion Price: Not less than ₹57.12/- Allottees: Promoters and Non-Promoters BSE Approval Letter No.: LOD/PREF/KS/FIP/1162/2024-25 BSE Approval Date: November 17, 2025 Listing Application Submitted: May 12, 2026

Listing Application Submitted to BSE

Pursuant to the allotment of the equity shares arising from the conversion of OCRPS, Scan Steels has submitted a listing application on the BSE Listing Centre on May 12, 2026, to obtain the requisite listing approval for the aforesaid equity shares. The filing was made in accordance with Regulation 14 of the LODR Regulations.

Regulatory Compliance Requirements

BSE, in its in-principle approval letter, advised the company to ensure that the issue and allotment of securities is strictly in accordance with applicable regulations, including:

The Companies Act, 2013

Securities Contracts (Regulation) Act, 1956

SEBI Act, 1992 and the Depositories Act, 1996

Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Exchange also directed the company to strengthen internal controls to monitor trades executed by proposed allottees in the company's scrip prior to allotment. Specifically, the company is required to obtain an undertaking from allottees confirming that they shall not engage in intra-day trading or any sale in the company's scrip until the allotment date, in compliance with Regulation 167(6) of SEBI ICDR Regulations, 2018.

Important Conditions and Disclaimers

BSE clarified that the in-principle approval does not constitute approval for the listing of the aforesaid securities, and the company is required to separately comply with all listing-related requirements. As per Schedule XIX – Para (2) of ICDR Regulations and SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, the company is required to make an application for listing within twenty days from the date of allotment to one or more recognised stock exchange(s). Non-compliance with this requirement will attract fines as specified in the said SEBI circular. The Exchange also reserved its right to withdraw the in-principle approval if information submitted is found to be incomplete, incorrect, misleading, or false, or if it contravenes applicable rules and regulations.

The filing was signed by Prabir Kumar Das, Company Secretary & Compliance Officer (Membership No.: F6333), on behalf of Scan Steels Limited.

Scan steels Limited has announced a board meeting to consider the conversion of Optionally Convertible Redeemable Preference Shares (OCRPS) into equity shares. The company informed BSE Limited about this development through a formal intimation dated April 23, 2026.

Board Meeting Details

The board meeting has been scheduled with specific parameters for the conversion process:

Parameter: Details Meeting Date: Monday, April 27, 2026 Time: 4:00 PM Venue: Trishna Nirmalaya Bhawan, Plot No. 516/1723/3991, 3rd Floor, Magnetics Square, Patia, Bhubaneswar - 751024 (Odisha) Equity Shares for Allotment: 21,44,239

Conversion Process

The meeting will focus on the allotment of equity shares upon conversion of existing issued OCRPS of the company. These preference shares were originally allotted on a preferential basis and are now being considered for conversion into equity shares.

The conversion and subsequent allotment will be conducted in accordance with:

Terms of issue of the OCRPS

Applicable provisions of the Companies Act, 2013

SEBI regulations

Regulatory Compliance

The intimation was sent to BSE Limited under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's shares are listed on BSE with the code 511672.

The communication was signed by Prabir Kumar Das, Company Secretary & Compliance Officer (Membership No.: F6333), ensuring proper authorization and compliance with regulatory requirements. The company maintains its registered office in Mumbai and corporate office in Bhubaneswar.

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