S.A.L Steel Limited board of directors approved an additional term loan facility of ₹75 crore from Kotak Mahindra Bank Limited during a meeting held on October 1, 2026. The borrowing is primarily intended for the part repayment of Inter-Corporate Deposits (ICD) held with AIA Engineering Limited.

The transaction was executed pursuant to the bank's sanction letter dated September 29, 2026. Alongside the new term loan, the company also renewed its existing working capital facilities of ₹49 crore, bringing the total aggregate exposure under this arrangement to ₹124 crore.

Facility terms and security

The new term loan carries an interest rate of 10% and is repayable over a period of 60 months. The facility is secured through the hypothecation of the company's entire current assets and all movable fixed assets situated at its plant in Gandhidham, Gujarat. Additionally, the loan is backed by unconditional and irrevocable personal guarantees from Mahesh Kumar Agarwal and Kaustubh Agarwal. A corporate guarantee from Sree Metaliks Limited also remains valid for the tenure of the facility.

Disclosure details

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that Kotak Mahindra Bank Limited holds no shareholding in S.A.L Steel, and the transaction does not constitute a related party transaction. No shares were issued as part of this agreement.

The sanction letter reference number is ARD/006315/2026-27. The disclosure highlights that the security package excludes assets exclusively financed by other banks or financial institutions. The board meeting commenced at 11:00 am and concluded at 12:30 pm. The board authorized Managing Director Kaustubh Agarwal, Non-executive Director Rajesh Mangal, and Chairman Mahesh Kumar Agarwal to execute the necessary facility documents and security deeds.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE658G01014/4cda0fc1-99ad-47f6-b0b2-d88a347fb7f1.pdf

SAL Steel shareholders adopted the audited financial statements for the fiscal year ended March 31, 2026, during the company's 23rd Annual General Meeting held on September 25, 2026. The meeting was conducted via Video Conferencing and Other Audio-Visual Means in compliance with regulatory guidelines.

The proceedings included the adoption of the Board of Directors' report and the auditors' report. Additionally, members approved the reappointment of Mahesh Kumar Agarwal as a director and ratified the remuneration for cost auditors for the upcoming fiscal year ending March 31, 2027.

Key resolutions passed

The following ordinary and special resolutions were passed by the shareholders during the meeting:

Meeting details and attendance

The AGM commenced at 12:30 pm and concluded at 1:20 pm, including time allotted for e-voting. A total of 54 members attended the virtual meeting. Kaustubh Agarwal, Managing Director, chaired the session. The statutory registers and documents required under applicable laws were made available for inspection electronically.

Key personnel present via video conference included:

• Mahesh Kumar Agarwal, Chairman and Managing Director
• Anil Kumar Singh, Whole Time Director and CFO
• Devilal J Shah, Company Secretary and Compliance Officer
• Parikh & Majmudar, Chartered Accountants (Statutory Auditors)

The meeting adhered to the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kamlesh M Shah served as the scrutinizer for the e-voting process.