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.

Promoter group entities Vintage Steel Private Limited and Titanic Steel Industries Private Limited have increased their combined shareholding in Nova Iron and Steel Limited to 12.55% through an off-market inter-se transfer. The acquisition involved the purchase of 32,73,600 equity shares from promoter Aniket Singal for a total consideration of ₹3,60,09,600. The transaction was executed on June 4, 2026, and was undertaken for the purpose of restructuring among promoters and the promoter group.

The acquisition was made in reliance upon the exemption provided under Regulation 10(1)(a)(iv) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosures confirmed that the acquirers and the seller are deemed to be Persons Acting in Concert (PAC). The price of ₹11 per share was determined based on the price for infrequently traded shares as per Regulation 8, which was calculated at ₹10.40 per share. The acquirers confirmed that the acquisition price was not higher by more than 25% of the calculated price.

Shareholding Details

The detailed changes in the shareholding pattern following the transaction are outlined below:

Vintage Steel Private Limited acted as the correspondent acquirer for the disclosures. The requisite fees of ₹1,50,000 plus GST were paid to SEBI. The total equity share capital of Nova Iron and Steel Limited remains unchanged at 3,61,39,488 shares.