Olympian Finvest Private Limited, a member of the promoter group, will acquire a 12.65% stake in nova iron & steel through an inter-se transfer of shares. The acquisition involves the purchase of 45,73,675 equity shares from Reward Capital Services Private Limited, Shivalikview Steel Trading Private Limited, Aarti Iron & Power Private Limited, and Rockland Steel Trading Private Limited at a price of ₹11 per share. The transaction is scheduled to take place on or after June 26, 2026, and is aimed at restructuring among members of the promoter group.

The acquisition is being undertaken under Regulation 10(1)(a)(iv) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which exempts the acquirer from making an open offer. Olympian Finvest stated that the acquisition price is not higher by more than 25% of the determined price, which was calculated at ₹10.40 per share as the shares are infrequently traded.

Following the transaction, the shareholding of Olympian Finvest in Nova Iron & Steel Limited will increase from 0.26% to 12.92%. The total promoter and promoter group shareholding, including persons acting in concert (PACs), will rise from 31.51% to 44.16%. Conversely, the selling entities—Reward Capital Services Pvt. Ltd., M/s. Aarti Iron & Power Private Limited, Rockland Steel Trading Private Limited, and Shivalikview Steel Trading Pvt. Ltd.—will exit the shareholding register, divesting their combined 12.65% stake.

Shareholding Pattern

The table below details the changes in shareholding for the acquirer and promoter group members before and after the proposed transaction.

Olympian Finvest confirmed that all conditions specified under Regulation 10(1)(a) regarding exemptions have been duly complied with. The transferor and transferee have also confirmed compliance with applicable disclosure requirements in Chapter V of the Takeover Regulations, 2011.

Nova Iron & Steel Ltd has approved the reclassification of three promoters from the 'Promoter' category to the 'Public' category following a Board meeting on June 17, 2026. The decision affects Mr. Aniket Singal, Ms. Priyanka Ankit Miglani, and Ms. Radhika Saurabh Dhoot, who currently hold NIL equity shares in the company. The reclassification is subject to approval from the Bombay Stock Exchange Limited.

The Board of Directors approved the requests under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The promoters confirmed they do not exercise control over the company's affairs, directly or indirectly, and are not represented on the Board or in key managerial positions. They also certified compliance with conditions of Regulation 31A(3)(b), including not holding special rights through formal or informal arrangements.

Consequent to the reclassification requests, Mr. Sanjay Singal has been automatically classified as a Promoter of the company under Regulation 31A(6). This change follows the receipt of 10,000 equity shares by Mr. Sanjay Singal as a gift from Mr. Aniket Singal. The Board noted that the outgoing promoters hold 0% of the paid-up equity share capital and do not participate in the company's management.

The company has authorized its directors, Company Secretary, or Chief Financial Officer to submit necessary applications and filings to the stock exchanges and regulatory authorities. The promoters have undertaken to comply with specific conditions of Regulation 31A(3) for a period of not less than three years from the date of reclassification.