Steel Exchange India Limited has successfully completed its 1st Extra-Ordinary General Meeting (EGM) for FY 2025-26, with shareholders providing overwhelming approval for a significant convertible equity warrants issue. The meeting, held on March 30, 2026, through video conferencing, saw strong participation from both promoter and public shareholders.

EGM Details and Participation

The extraordinary general meeting was conducted from 11:30 AM to 12:09 PM on March 30, 2026, with a total of 60 shareholders attending through video conferencing. The meeting included 11 participants from the promoter and promoter group category and 49 from the public category. The record date for determining voting eligibility was set as March 23, 2026, covering a total of 298805 shareholders.

Warrant Issue Approval with Overwhelming Support

Shareholders approved the special resolution for issuing 36,14,60,300 convertible equity warrants with remarkable consensus. The voting results demonstrated strong confidence in the company's strategic direction, with 99.9986% of votes cast in favour of the proposal.

Financial Structure and Allotment Details

The convertible equity warrants will be issued at Rs 9.45 per warrant, including a premium of Rs 8.45 per warrant over the face value of Re. 1. The total consideration amounts to Rs 341.58 crore, to be raised through preferential allotment to seven identified entities.

Warrant Terms and Exercise Conditions

The convertible equity warrants come with specific terms designed to ensure compliance with regulatory requirements. Warrant holders must pay 25% of the issue price upfront as subscription amount, with the remaining 75% payable upon exercise. The warrants carry an 18-month exercise period from the date of allotment, after which they will lapse and the subscription amount will be forfeited.

The equity shares resulting from warrant conversion will rank pari-passu with existing shares and will be subject to lock-in provisions as specified under SEBI ICDR Regulations. The warrants are also subject to appropriate adjustments for corporate actions such as bonus issues, rights issues, or share splits during the interim period.

Regulatory Compliance and Next Steps

The resolution was passed in accordance with various regulatory frameworks including the Companies Act 2013, SEBI ICDR Regulations 2018, and SEBI Listing Regulations 2015. The scrutinizer's report, prepared by B S S & Associates, confirmed the validity of the voting process and results. The company is required to complete the warrant allotment within 15 days of the resolution, subject to any pending regulatory approvals.

Steel Exchange India Limited successfully conducted its 1st Extraordinary General Meeting for FY 2025-26 on March 30, 2026, at 11:30 AM through video conferencing. The meeting addressed the issuance of convertible equity warrants to promoter groups and non-promoter entities on a preferential basis.

EGM Proceedings and Leadership

The meeting was chaired by Mr. Suresh Kumar Bandi, Joint Managing Director, as the Chairman of the Board was unable to attend due to health reasons. Company Secretary Raveendra Babu M informed members about the leadership change and facilitated the proceedings.

Shareholder Participation and Voting

The company provided comprehensive e-voting facilities to shareholders, including remote e-voting from March 27-29, 2026, and live e-voting during the meeting. Out of 8 registered speaker shareholders, 6 actively participated in the EGM proceedings.

Business Resolution and Compliance

The primary agenda item involved the issuance of convertible equity warrants to promoter groups and non-promoter entities on a preferential basis, which required a special resolution. The meeting was conducted in compliance with the Companies Act, 2013, SEBI LODR Regulations, 2015, and relevant MCA circulars.

All committee chairpersons, including those from Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship Committee, and Corporate Social Responsibility Committee, were present at the meeting.

Previous Corrigendum and Documentation

Prior to the EGM, the company had issued a corrigendum addressing amendments to the explanatory statement based on stock exchange feedback. The corrigendum disclosed preferential allotments of 4,95,87,272 equity shares at Rs. 11.00 per share to three non-promoter entities during the current financial year.

Post-Meeting Procedures

Following the meeting's conclusion at 12:09 PM, the e-voting facility remained open for an additional 15 minutes. The consolidated results of remote e-voting and live e-voting will be announced after receiving the scrutinizer's report and will be communicated to stock exchanges and posted on the company's website within the prescribed timeframe.