Steel Exchange India Completes EGM Proceedings for Convertible Warrants Issue

Steel Exchange India Limited successfully conducted its 1st Extraordinary General Meeting for FY 2025-26 on March 30, 2026, at 11:30 AM through video conferencing. The meeting addressed the issuance of convertible equity warrants to promoter groups and non-promoter entities on a preferential basis.

EGM Proceedings and Leadership

The meeting was chaired by Mr. Suresh Kumar Bandi, Joint Managing Director, as the Chairman of the Board was unable to attend due to health reasons. Company Secretary Raveendra Babu M informed members about the leadership change and facilitated the proceedings.

Meeting Details: Information Date: March 30, 2026 Time: 11:30 AM IST Format: Video Conferencing (VC) Chairman: Mr. Suresh Kumar Bandi (Joint Managing Director) Duration: 11:30 AM to 12:09 PM

Shareholder Participation and Voting

The company provided comprehensive e-voting facilities to shareholders, including remote e-voting from March 27-29, 2026, and live e-voting during the meeting. Out of 8 registered speaker shareholders, 6 actively participated in the EGM proceedings.

Participation Details: Information Registered Speakers: 8 shareholders Active Participants: 6 shareholders Remote E-voting Period: March 27-29, 2026 Scrutinizer: Srikanth S from M/s BSS & Associates

Business Resolution and Compliance

The primary agenda item involved the issuance of convertible equity warrants to promoter groups and non-promoter entities on a preferential basis, which required a special resolution. The meeting was conducted in compliance with the Companies Act, 2013, SEBI LODR Regulations, 2015, and relevant MCA circulars.

All committee chairpersons, including those from Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship Committee, and Corporate Social Responsibility Committee, were present at the meeting.

Previous Corrigendum and Documentation

Prior to the EGM, the company had issued a corrigendum addressing amendments to the explanatory statement based on stock exchange feedback. The corrigendum disclosed preferential allotments of 4,95,87,272 equity shares at Rs. 11.00 per share to three non-promoter entities during the current financial year.

Previous Allotments: Details Neo Special Credit Opportunities Fund: 1,32,23,636 shares Kolluri Impex Private Limited: 1,81,81,818 shares KGR Resources LLP: 1,81,81,818 shares Total Shares Allotted: 4,95,87,272 shares Price per Share: Rs. 11.00

Post-Meeting Procedures

Following the meeting's conclusion at 12:09 PM, the e-voting facility remained open for an additional 15 minutes. The consolidated results of remote e-voting and live e-voting will be announced after receiving the scrutinizer's report and will be communicated to stock exchanges and posted on the company's website within the prescribed timeframe.

Steel Exchange India Limited's promoter Vizag Profiles Private Limited has disclosed the creation of a share pledge under SEBI regulations, involving 5,00,00,000 shares representing 4.01% of the company's total share capital. The disclosure was made on March 13, 2026, following the pledge creation on March 11, 2026.

Share Pledge Details

The pledge arrangement involves Agarwal Coal Corporation Private Limited as the beneficiary entity, with the encumbrance created as collateral for supply of materials on credit basis to Steel Exchange India Limited and its group companies. This represents a business-to-business credit arrangement between the promoter and the coal supply company.

Parameter: Details Shares Pledged: 5,00,00,000 Percentage of Total Capital: 4.01% Pledge Creation Date: March 11, 2026 Beneficiary Entity: Agarwal Coal Corporation Private Limited Purpose: Collateral for material supply on credit

Promoter Shareholding Position

Vizag Profiles Private Limited maintains its total shareholding of 24,48,77,520 shares, representing 19.63% of Steel Exchange India's total share capital. However, the new pledge has increased the company's total encumbered shareholding significantly.

Shareholding Category: Number of Shares Percentage Total Promoter Holding: 24,48,77,520 19.63% Previously Encumbered: 19,32,77,520 15.50% New Pledge Created: 5,00,00,000 4.01% Total Encumbered (Post-Event): 24,32,77,520 19.51%

Regulatory Compliance Framework

The disclosure has been filed under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with both BSE Limited and National Stock Exchange of India Limited where Steel Exchange India's shares are listed. The filing was signed by Suresh Bavineni, Director of Vizag Profiles Private Limited (DIN: 00181832).

Compliance Parameter: Details Regulation: SEBI (SAST) Regulations 2011 Filing Sections: Regulation 31(1) and 31(2) Stock Exchanges: BSE Limited, NSE Limited Authorized Signatory: Suresh Bavineni (DIN: 00181832) Scrip Code (BSE): 534748 Scrip ID (NSE): STEELXIND

Encumbrance Analysis

The encumbered shares represent 7.89% of the total promoter shareholding in Steel Exchange India Limited. The disclosure confirms that the encumbered shares do not constitute 50% or more of promoter shareholding, nor do they represent 20% or more of the total share capital, indicating compliance with regulatory thresholds.

About the Beneficiary Entity

Agarwal Coal Corporation Private Limited is described as a private company engaged in the business of importing and supplying coal. The arrangement does not involve any scheduled commercial bank, public financial institution, NBFC, or housing finance company, making it a direct business credit arrangement between private entities for material supply purposes.

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