Aanchal Ispat Limited shareholders approved the issuance of Fully Convertible Warrants to the Promoter and amendments to the Articles of Association at an Extra-ordinary General Meeting (EGM) held on July 23, 2026. The meeting, conducted via Video Conferencing, was chaired by Mr. Mukesh Goel and attended by 28 members. The approvals are aimed at enabling fund infusion to meet obligations under the NCLT-approved Resolution Plan and supporting the company's revival journey.

EGM Proceedings

The EGM commenced at 01:41 pm IST with the requisite quorum present. The Chairman briefed members on the company's revival strategy and the rationale behind the proposed businesses. Key attendees included Mr. Manoj Goel, Non-Executive and Non-Independent Director; Ms. Nilu Nigania, Non-Executive Independent Director; and Mr. Amit Kumar Agarwalla, Non-Executive Independent Director. Mr. Puspendu Kayal, Company Secretary & Compliance Officer, and Mr. Rajesh Jalan, Statutory Auditor, were also present.

Resolutions Passed

Shareholders voted on two special businesses. The first resolution sought to alter the Articles of Association to enable the issuance of convertible securities. The second resolution approved the issue of Fully Convertible Warrants to the Promoter on a preferential basis. These actions are in accordance with the Companies Act, 2013, and the SEBI (ICDR) Regulations, 2018.

Utilization of Funds

The proposed fund infusion from the warrant issue will be utilized towards meeting the obligations under the approved Resolution Plan. The Chief Financial Officer addressed the members, highlighting the company's financial progress, recovery, and growth prospects. The meeting concluded at approximately 2:07 pm IST after all queries were addressed.

Aanchal Ispat Limited has published the notice for its Extraordinary General Meeting (EGM) scheduled on July 23, 2026, in newspapers. The publication appeared on June 30, 2026, in the Financial Express (English Edition) and Ek Din (Bengali Edition). The meeting seeks shareholder approval for the preferential allotment of 10,55,000 fully convertible warrants to promoter Mukesh Goel to raise ₹8.65 crore. The proceeds will be used to meet payment obligations under the NCLT-approved Resolution Plan.

The board approved the proposal on June 23, 2026. The issue price of ₹82 per warrant includes a face value of ₹10 and a premium of ₹72. Funds will be utilized to settle dues of secured financial creditors aggregating up to ₹852.92 lakh and to bear issue expenses of up to ₹12.18 lakh. The company confirmed that no portion of the net proceeds will be used for general corporate purposes.

Key Details of the Preferential Issue

The e-voting period commences on July 20, 2026, and concludes on July 22, 2026, with the record date set as July 16, 2026. The Register of Members and Share Transfer Books will remain closed from July 17, 2026, to July 23, 2026. Manisha Saraf & Associates, Practicing Company Secretary, has been appointed as the scrutinizer for the e-voting process.

Upon full conversion of the warrants, the shareholding of Mukesh Goel is expected to increase from 50.20% to 60.13%, resulting in 31,79,998 shares. The board has also proposed alterations to the Articles of Association by inserting a new Article 14(3) to authorize the issue of convertible securities. M/s ValuGenius Advisors LLP certified a fair value of ₹31 per equity share.