Scan Steels board of directors approved the reclassification of its entire authorised optionally convertible redeemable preference shares (OCRPS) into equity shares. The move, approved on September 1, 2026, will be put to shareholders at the 33rd Annual General Meeting.

The company’s authorised share capital remains unchanged at ₹86.50 crore. However, the composition will shift from a mix of equity and preference shares to solely equity shares. This structural change simplifies the capital structure without altering the total capital ceiling.

Capital Restructuring Details

The existing authorised share capital was divided into 7,15,00,000 equity shares and 1,50,00,000 non-cumulative OCRPS, each with a face value of ₹10.

The proposed alteration involves converting the 1,50,00,000 authorised OCRPS into an equal number of authorised equity shares. Consequently, the revised authorised share capital will comprise 8,65,00,000 equity shares of ₹10 each.

This reclassification requires shareholder approval at the AGM and subsequent statutory formalities. The change reflects a consolidation of capital instruments rather than an increase in borrowing capacity or equity issuance.

AGM and E-Voting Schedule

The 33rd AGM is scheduled for September 30, 2026, at 10:30 am via Video Conferencing or Other Audio-Visual Means. Remote e-voting through Central Depository Services (India) Limited (CDSL) will be available from September 27, 2026, at 9:00 am until September 29, 2026, at 5:00 pm.

The cut-off date for determining voting eligibility is September 23, 2026. The register of members will remain closed from September 24, 2026, to September 30, 2026. CS Abhijeet Jain has been appointed as the scrutinizer for the e-voting process.

Scan Steels has scheduled a meeting of its Board of Directors for September 1, 2026, at 4:00 pm. The gathering will take place at Trishna Nirmalaya Bhawan in Bhubaneswar, Odisha, to address key corporate governance matters for the financial year ending March 31, 2026.

The primary objective of the meeting is to consider and approve the draft notice convening the company's 33rd Annual General Meeting (AGM). The board will also review and approve the final Annual Report for FY26, which encompasses the Directors' Report, Corporate Governance Report, and Management Discussion and Analysis Report.

Agenda Highlights

The board's agenda covers several critical compliance and administrative tasks required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013. Key items include:

• Approval of the Secretarial Audit Report and Cost Audit Report for FY26.
• Fixing the date, time, venue, and mode for the 33rd AGM, including determining the book closure period and remote e-voting window.
• Appointment of an authorized agency to facilitate remote e-voting during the AGM.
• Consideration of resolutions for altering the authorized share capital and consequential changes to Clause V of the Memorandum of Association, subject to shareholder approval.

Procedural Formalities

The board will also approve arrangements for conducting the AGM and authorize the Company Secretary and other officials to complete necessary formalities. Prabir Kumar Das, Company Secretary and Compliance Officer, issued the intimation on August 19, 2026, in compliance with Regulation 29 of the SEBI Listing Regulations.