Aanchal Ispat shareholders approve QIP capital raising

Aanchal Ispat Limited secured shareholder approval for its capital raising strategy through a Qualified Institutions Placement (QIP) at its Extra-ordinary General Meeting (EGM) held on May 23, 2026. The resolution to issue equity shares and/or equity-linked securities in one or more tranches received 100% of the votes polled, with 2,263,196 votes in favour and none against. This approval enables the company to raise funds from qualified institutional investors to support its financial objectives.

The EGM was conducted via Video Conferencing (VC) and Other Audio-Visual Means (OAVM) in compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India (SEBI) circulars. Ms. Manisha Saraf, Proprietor of M/s. Manisha Saraf & Associates, Practicing Company Secretaries, served as the Scrutinizer to ensure the voting process was fair and transparent. The meeting was chaired by Mr. Mukesh Goel, Managing Director, with requisite quorum present.

Voting Results

The voting process combined remote e-voting, which was open from May 20 to May 22, 2026, and e-voting conducted during the meeting. A total of 2,263,196 votes were polled, representing 79.88% of the total outstanding shares. The Promoter and Promoter Group cast 2,124,998 votes, all in favour, while Public-Non Institutions contributed 138,198 votes, also entirely in favour.

Category	Votes Polled	Votes in Favour	% of Votes in Favour
Promoter and Promoter Group	2,124,998	2,124,998	100.00
Public-Non Institutions	138,198	138,198	100.00
Total	2,263,196	2,263,196	100.00

Meeting Oversight

The scrutiny of the electronic voting process was witnessed by Ms. Rakhi Gupta and Mr. Nishant Jain, who are not employed by the company or its registrar, Purva Sharegistry (India) Private Limited. The detailed voting results and Scrutinizer's Report have been submitted to BSE Limited and will be available on the company's website. The resolution was passed as a Special Resolution with the requisite majority.

Aanchal Ispat Limited has issued a formal notice to BSE Limited regarding an Extraordinary General Meeting (EGM) scheduled to approve a significant capital raising initiative. The steel manufacturing company seeks to strengthen its financial position through multiple funding avenues while adhering to regulatory compliance requirements.

Meeting Details and Schedule

The EGM will be held on Saturday, 23rd May 2026 at 1:30 PM through Video Conference (VC) and Other Audio Visual Means (OAVM). This virtual format aligns with relevant circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India.

Parameter	Details
Meeting Date	23rd May 2026
Meeting Time	1:30 PM
Format	Video Conference/OAVM
Record Date	24th April 2026
Book Closure Period	18th May to 23rd May 2026

The company's Register of Members and Share Transfer Books will remain closed from Monday, 18th May 2026 to Saturday, 23rd May 2026 (both days inclusive) for EGM purposes, as per Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Capital Raising Proposal

The primary agenda involves approving a special resolution for capital raising up to ₹10 crores in one or more tranches. The Board of Directors, in their meeting held on 27th April 2026, recommended this proposal to fulfill the company's strategic objectives.

Funding Method	Details
Maximum Amount	₹10 crores
Primary Mode	Qualified Institutions Placement (QIP)
Alternative Modes	Private placement, equity-linked securities
Tranches	One or more as deemed appropriate
Target Investors	Qualified institutional buyers (QIBs)

The securities may include equity shares, convertible securities, or instruments linked to equity shares. The company plans to issue these through permissible modes including private placement and QIP to qualified institutional buyers as defined in SEBI ICDR Regulations.

Fund Utilization and Objectives

The net proceeds from the capital raising will serve multiple strategic purposes:

Meeting payment obligations under the approved Resolution Plan
Settlement of creditor dues
General corporate purposes (limited to 25% of total funds raised)
Strengthening the company's balance sheet

The Board retains discretion to determine specific terms, conditions, pricing, and timing based on prevailing market conditions and regulatory requirements.

E-Voting and Participation Details

Shareholders can participate through remote e-voting facility provided by Purva Sharegistry (India) Private Limited. The e-voting period commences on Wednesday, 20th May 2026 at 09:00 AM (IST) and concludes on Friday, 22nd May 2026 at 05:00 PM (IST).

E-Voting Parameter	Details
Start Date/Time	20th May 2026, 09:00 AM IST
End Date/Time	22nd May 2026, 05:00 PM IST
Cut-off Date	16th May 2026
Service Provider	Purva Sharegistry (India) Private Limited
Scrutinizer	M/s Manisha Saraf & Associates

M/s Manisha Saraf & Associates, Practicing Company Secretaries, have been appointed as Scrutinizer to conduct the remote e-voting process transparently. Shareholders holding shares in physical or dematerialized form as on the cut-off date of Saturday, 16th May 2026 will be entitled to participate in e-voting.

Regulatory Compliance and Key Terms

The proposed QIP will comply with Chapter VI of SEBI ICDR Regulations with specific conditions:

No single allottee shall receive more than 50% of the issue size
Minimum 10% allocation to mutual funds (if they subscribe)
Securities will be locked-in for one year from allotment date
No allotment to promoters or related persons
Allotment to be completed within 365 days of resolution approval

The pricing will follow SEBI ICDR Regulations with the Board having discretion to offer up to 5% discount on the floor price. All equity shares issued will rank pari passu with existing shares, including dividend entitlements.