SAL Steel Limited , the target company in a pending open offer by Sree Metaliks Limited, has informed stock exchanges that SEBI has granted a 3-month extension to complete the underlying transaction that triggered the open offer. The public notice, issued by Vivro Financial Services Private Limited as Manager to the Offer on behalf of the acquirer, was submitted to BSE Limited on August 4, 2026, in accordance with SEBI's letter bearing reference no. HO/49/12/18(4)2026-CFD-RAC-DCR1 dated July 30, 2026.

Open Offer Details

The open offer pertains to the acquisition of equity shares of SAL Steel Limited, a company incorporated in Gujarat with Corporate Identification Number L29199GJ2003PLC043148. The following table summarises the key parameters of the open offer:

Extension of Underlying Transaction Deadline

In terms of Regulation 22(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the original last date for completing the underlying transaction which triggered the open offer was June 15, 2026. However, the parties to the Share Purchase Agreement (SPA) were unable to complete a portion of the underlying transaction — specifically, the acquisition of 1,95,00,000 Sale Shares — within the stipulated date, owing to extraordinary and supervening circumstances beyond the control of the acquirer.

Following an application made to SEBI, the regulator vide its letter dated July 30, 2026, granted an extension of 3 months from the date of application, extending the deadline to October 13, 2026, to complete the underlying transaction as contemplated under the SPA, in accordance with Regulation 22(3) of the SEBI (SAST) Regulations.

Key Timeline

The revised timeline for the underlying transaction is outlined below:

Regulatory Compliance and Disclosure

The public notice was issued by Vivro Financial Services Private Limited (SEBI Reg. No. MB/INM000010122), acting as Manager to the Offer, for and on behalf of Sree Metaliks Limited. The notice was signed by Mahesh Kumar Agarwal, Managing Director of Sree Metaliks Limited (DIN: 00168517), and dated August 3, 2026, from Gurugram, Haryana. The submission to BSE was made by CS Devilal J Shah, Company Secretary and Compliance Officer of SAL Steel Limited (ICSI Mem. No.: A58287), requesting the exchange to disseminate the information to shareholders.

The promoter and promoter group of S.A.L Steel Ltd have confirmed that they have not created any encumbrance on shares, directly or indirectly, as of March 31, 2026. This disclosure was submitted to the company's Audit Committee in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The confirmation excludes any encumbrances that were already disclosed by the promoters during the financial year 2025-26.

The declaration was made on behalf of the Promoter and Promoter Group and for Sree Metaliks Limited. The document was signed by Mahesh Kumar Agarwal, Chairman & Managing Director, bearing DIN 00168517. Copies of the disclosure were forwarded to the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd. for their records.

Key Details of the Disclosure

The filing confirms that the shareholding structure remains free of undisclosed liens or charges as of the specified date.