SAL Steel Limited has issued a postal ballot notice to shareholders seeking approval for a special resolution to increase the company's borrowing limits and create charges on company assets. The company has submitted newspaper advertisements to stock exchanges in compliance with regulatory requirements and commenced the remote e-voting process.

Borrowing Limit Proposal

The company is seeking shareholder approval to increase its overall borrowing limits to ₹2000 crores in excess of the aggregate of its paid-up share capital and free reserves. This proposal supersedes the previous ordinary resolution passed during the Annual General Meeting held on September 24, 2005.

The resolution also seeks consent for the Board of Directors to create charges and provide security on company assets to secure borrowings, including interest costs, charges, expenses, and other monies payable to lenders and institutions.

Regulatory Compliance and Documentation

SAL Steel has submitted newspaper advertisements to both BSE and NSE in compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The advertisements were published in "The Indian Express" (English) and "Financial Express" (Gujarati) editions, informing stakeholders about the completion of postal ballot notice dispatch.

E-Voting Schedule and Process

The postal ballot is being conducted entirely through electronic voting, with no physical ballot forms being distributed to shareholders. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process.

Scrutinizer Appointment

The Board of Directors has appointed CS Kamlesh M. Shah, proprietor of M/s. Kamlesh M. Shah & Co., Practicing Company Secretary (CP No. 2072/Membership No.: ACS8356), as the scrutinizer to conduct the postal ballot process in a fair and transparent manner.

Voting Eligibility and Access

Only shareholders whose names appear in the Register of Members or List of Beneficial Owners as on the cut-off date of March 27, 2026, will be eligible to vote. The postal ballot notice is available on the company's website at www.salssteel.com , stock exchange websites ( www.bseindia.com and www.nseindia.com ), and NSDL's e-voting platform at www.evoting.nsdl.com .

Voting rights will be proportionate to shareholders' equity stake in the company. The resolution, if approved by the requisite majority, will be deemed passed on May 17, 2026, the last date for e-voting. The postal ballot notice has been issued in compliance with Section 110 of the Companies Act, 2013, and related SEBI regulations.

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.