SAL Steel Limited has clarified to stock exchanges that recent price movements in its shares are purely market-driven, following queries from BSE and NSE surveillance departments regarding significant price volatility observed in the company's scrip.

Open Offer Acquisition Details

The company's response, dated April 17, 2026, highlighted the completion of an open offer acquisition by Sree Metaliks Limited in December 2025. The acquisition process was formally announced through a public announcement issued by Vivro Financial Services Limited on September 4, 2025, in compliance with SEBI (SAST) Regulations, 2011.

Equity Share Allotments

As part of the open offer acquisition, SAL Steel made substantial equity share allotments to its promoter Sree Metaliks Limited across three separate tranches:

These allotments were executed in accordance with the open offer acquisition terms and Chapter V of SEBI (Issue of Capital and Disclosure Requirement) Regulation, 2018.

Regulatory Compliance

SAL Steel emphasized its commitment to regulatory compliance, stating that all relevant disclosures were promptly submitted to stock exchanges under Regulation 30 of SEBI (LODR) Regulations, 2015. The company's response was signed by CS Devilal J Shah, Company Secretary and Compliance Officer, who assured continued adherence to SEBI disclosure requirements.

Company's Position

The company categorically stated that apart from the disclosed open offer acquisition and related equity allotments, no other material information or impending announcements exist that could influence the price or volume behavior of its scrip. SAL Steel maintained that the observed price movements are purely market-driven and not attributable to any undisclosed corporate developments.

SAL Steel Limited has announced the resignation of its Chief Financial Officer, Shri Babulal M Singhal, marking a significant leadership change at the company. The resignation takes effect from the close of business hours on April 06, 2026.

Resignation Details and Timeline

Shri Babulal M Singhal formally submitted his resignation letter on April 03, 2026, citing personal and unavoidable circumstances as the primary reason for his departure. The resignation covers his position as Chief Financial Officer and Key Managerial Personnel under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as well as all other statutory and designated positions within the company.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The announcement was made to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with listing requirements.

In his resignation letter, Singhal expressed gratitude to the Chairman, Board of Directors, senior management, and colleagues for their support and cooperation during his tenure. He specifically thanked the Board of Directors for what he described as a memorable association during his time as Chief Financial Officer.

Board Acceptance and Next Steps

The Board of Directors has formally accepted Singhal's resignation, with Director Anil Kumar Singh (DIN: 11535361) signing the acceptance on behalf of SAL Steel Limited. The resignation letter requested the company to arrange necessary forms and disclosures with the Registrar of Companies and stock exchanges.

The departure of the Chief Financial Officer represents a key management change that requires the company to identify and appoint a suitable replacement to maintain continuity in financial operations and regulatory compliance. The company secretary CS Devilal J Shah handled the formal communication process with the stock exchanges regarding this leadership transition.