Steelco Gujarat Limited has announced the opening of its Rights Issue of fully paid-up equity shares for an aggregate amount not exceeding ₹1489.66 Lakhs. The issue is scheduled to open on Monday, May 25, 2026, and will close on Thursday, June 04, 2026. The company has set the issue price at ₹112 per Rights Equity Share, which includes a premium of ₹102 per share over the face value of ₹10.00.

The Rights Issue is being offered to eligible equity shareholders of the company in the ratio of 5 Rights Equity Shares for every 1 fully paid-up Equity Share held as on the record date, which is Friday, May 15, 2026. The total issue size comprises up to 13,30,060 fully paid-up equity shares. The existing equity shares of the company are listed on BSE under the Scrip Code 500399, and the Rights Equity Shares will also be listed on the exchange upon allotment.

Issue Schedule

Key Issue Details

All eligible equity shareholders desiring to apply for the Rights Issue are mandatorily required to use the Application Supported by Blocked Amount (ASBA) process. Applications can be submitted either in physical mode at designated branches of Self-Certified Syndicate Banks (SCSBs) or through the online/electronic mode provided by SCSBs. The credit of Rights Entitlements and the subsequent allotment of Rights Equity Shares will be made only in dematerialized form.

Shareholders holding equity shares in physical form as on the record date must furnish the details of their demat accounts to the Registrar or the Company at least two working days prior to the Issue Closing Date to enable the credit of Rights Entitlements. Failure to provide these details will render such shareholders ineligible to apply for the Rights Equity Shares against their entitlements held in physical form. The Letter of Offer and Application Forms were dispatched to eligible shareholders on or before May 19, 2026.

Steelco Gujarat Limited has declared the voting results of its postal ballot, with members approving all three director appointment resolutions through the remote e-voting process. The e-voting window remained open from Monday, April 13, 2026 (9:00 a.m.) to Tuesday, May 12, 2026 (5:00 p.m.), and the scrutinizer's report was issued on May 13, 2026. The record date for determining eligible shareholders was April 3, 2026, on which date the total number of shareholders stood at 6,831. The results were filed with BSE Limited on May 13, 2026, and the disclosure was signed by Bhavisha Dubber, Company Secretary and Compliance Officer (Membership No.: ACS 78760).

Resolutions Passed by Members

The postal ballot notice, dispatched electronically on April 10, 2026, sought member consent on three resolutions pertaining to board-level appointments. The notice of dispatch was published in Business Standard (Ahmedabad edition, English) and Vadodara Samachar (Vadodara edition, Gujarati) on April 11, 2026. All three resolutions were passed with the requisite majority, with promoters and promoter group not being interested in any of the agenda items.

Voting Results at a Glance

The scrutinizer, CS Devesh A. Pathak of Devesh Pathak & Associates, Vadodara (Membership No.: FCS 4559), was appointed by the Board on April 9, 2026, to oversee the remote e-voting process. The votes were unblocked on May 12, 2026 at 5:21 p.m. in the presence of two witnesses, Mr. Yusuf Fatepurwala and Ms. Devika Chandnani, who are not in the employment of the company. The voting outcome was identical across all three resolutions, as detailed below.

The above voting summary applies uniformly to Resolution 1, Resolution 2, and Resolution 3.

Category-Wise Participation

The overall voter participation, aggregated across all shareholder categories, reflected a total of 4,706,001 votes polled out of 4,966,012 shares held, representing 94.7642% of outstanding shares. The following table presents the category-wise breakdown of participation for each resolution.

The promoter and promoter group category, holding 4,700,000 shares, participated entirely via the postal ballot mode, casting 4,700,000 votes unanimously in favour of all three resolutions. Public institutional shareholders, holding 655 shares, recorded no votes polled. Public non-institutional shareholders, holding 265,357 shares, polled 6,001 votes via postal ballot, representing 2.2615% of their outstanding shares, with 263 votes in favour and 5,738 votes against for each resolution.

Process and Compliance

The postal ballot was conducted exclusively through the remote e-voting facility provided by NSDL, in accordance with Section 108 and Section 110 of the Companies Act, 2013, Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The voting results along with the scrutinizer's report have been made available on the company's website at https://steelcogujarat.com/ and on the NSDL website at https://nsdl.co.in/ .