Steel Exchange India Limited has received a renewal of approval from the Military Engineer Services (MES), under the Ministry of Defence, for the manufacturing and supply of its TMT bars. The company disclosed this development on May 6, 2026, through an intimation filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The renewal approval was received on May 5, 2026, and has been granted by the Directorate General of Work (DGW), Military Engineer Services.

Approval Details

The renewal pertains to the manufacturing and supply of TMT bars under the brand name SIMHADRI TMT, produced at the company's integrated steel plant located at Sriram Puram, Vizianagaram District, Andhra Pradesh. The bars are manufactured using TEMPCORE technology and comply with applicable standards and regulatory requirements, including testing as per IS 1786:2008 standards and periodic inspection of manufacturing processes and quality systems by MES authorities. The following table summarises the key details of the approval:

Significance of the Renewal

The renewed approval enables Steel Exchange India to continue its participation in MES projects, which are characterised by stringent quality standards and high entry barriers. MES approvals are granted to a select set of manufacturers meeting rigorous criteria, creating a high entry barrier vendor base. The approval covers TMT bar grades Fe 500D and Fe 500D HSCRM across a size range of 8 mm to 32 mm, reinforcing the company's presence in government and infrastructure-linked supply segments. The 5-year validity period provides an extended window for sustained institutional supply under the MES framework.

Commenting on the development, the management of Steel Exchange India Limited stated: "This renewal reflects our consistent focus on quality and disciplined execution, which are critical for institutional supply. It reinforces our position in a segment characterized by stringent standards and high entry barriers. We see this as an important step in sustaining our participation in MES projects and strengthening our presence in government and infrastructure-linked segments."

About Steel Exchange India Limited

Steel Exchange India Limited (SEIL), part of the Vizag Profiles Group, is a leading manufacturer of TMT rebars under the brand 'SIMHADRI TMT'. Founded in 1999, the company has grown from a steel trading and online platform into one of the most trusted integrated steel manufacturers in Andhra Pradesh and Telangana. SEIL operates an Integrated Steel Plant and Power Unit in Vizianagaram District, near Visakhapatnam, housing sponge iron, billet, rolling mill, and power generation capacities, enabling complete backward and forward integration for long steel production. In line with the 'Atmanirbhar Bharat' vision, the company is diversifying into specialty steels under the PLI scheme to support import substitution and expand its value-added offerings.

The disclosure was signed by Raveendra Babu M, Company Secretary and Compliance Officer (M.No: A34409), on behalf of Steel Exchange India Limited, and was submitted to both BSE Limited and the National Stock Exchange of India Limited in accordance with applicable listing regulations.

Steel Exchange India Limited , one of the leading integrated steel manufacturers in South India and a trusted name in TMT rebars under the brand SIMHADRI TMT, has announced key capital market developments comprising fresh warrant issuance and conversion of existing warrants, aimed at strengthening the company's capital structure. The Board of Directors approved the fresh allotment of convertible equity warrants through circulation on April 30, 2026, following shareholder approval at the Extra-Ordinary General Meeting held on March 30, 2026, and in-principle approval from National Stock Exchange of India Limited and BSE Limited on April 17, 2026. The developments were intimated to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on May 04, 2026.

Key Capital Market Developments

The two key developments together aggregate to a total capital strengthening of ₹40.32 crore, comprising a fresh warrant allotment and the conversion of previously issued warrants into equity shares. The following table summarises the key details:

The fresh warrants have been issued at a price of ₹9.45 each, including a premium of ₹8.45 per warrant, against a face value of ₹1 per share. The company received ₹10.40 crore, representing 25% of the total amount payable towards subscription of the warrants. The warrants are convertible into an equivalent number of equity shares within 18 months from the date of allotment. Warrant holders may exercise conversion in one or more tranches upon payment of the remaining 75% of the amount payable against each warrant before the last date of conversion. The company clarified that there is no change in the paid-up equity share capital following the warrant allotment.

Warrant Allottees

The fresh warrants have been allotted to the following entities on a preferential basis:

The warrants have been allotted in electronic form and are subject to lock-in provisions as per SEBI ICDR Regulations.

Management Commentary

Commenting on the developments, the management of Steel Exchange India Limited stated: "The warrant allotment and subsequent conversion represent a strategic step in strengthening our capital base and enhancing financial flexibility. This positions us well to scale operations, improve supply chain efficiencies and pursue growth opportunities across the steel value chain, while continuing to build long-term value."

These developments are aimed at enhancing the company's ability to support operational expansion, improve working capital efficiency, and pursue strategic growth opportunities. Steel Exchange India Limited, part of the Vizag Profiles Group, operates an Integrated Steel Plant and Power Unit in Vizianagaram District, near Visakhapatnam, with facilities housing sponge iron, billet, rolling mill, and power generation capacities. The company is also diversifying into specialty steels under the PLI scheme in line with the 'Atmanirbhar Bharat' vision.