Nova Iron & Steel Ltd received Provisional Attachment Order No. 15/2026 dated June 25, 2026, from the Directorate of Enforcement. The order was issued by the authority in New Delhi and received by the company on June 25, 2026, at 08:09 P.M. The company stated that the order does not have a material impact on its day-to-day operations as it evaluates the implications and prepares appropriate legal recourse.

The disclosure was made to the Bombay Stock Exchange under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Nova Iron & Steel is currently examining the order and, based on legal advice, intends to take all necessary legal steps to protect its interests and contest the matter before the appropriate authorities.

Details of the Regulatory Action

The filing provided specific details regarding the communication from the Directorate of Enforcement. The nature of the action is outlined in the Provisional Attachment Order, though the specific violations or contraventions were not detailed in the public summary, referring instead to the enclosed order.

The company confirmed that it is evaluating the implications of the order and will take appropriate legal recourse. The filing was signed by Dheeraj Kumar, Company Secretary, on June 26, 2026.

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.