Vardhman Special Steels Limited has completed the dematerialization of 554 equity shares during March 2026, submitting detailed compliance documentation to stock exchanges under SEBI regulations. The company filed comprehensive certificates confirming proper handling of share dematerialization procedures through both major depositories.

Dematerialization Process Details

The company processed dematerialization requests across multiple dates in March 2026, with transactions distributed between National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Company Secretary Sonam Dhingra digitally signed the compliance certificate on 08.04.2026, providing detailed annexures with distinctive numbers and certificate details.

Transaction Timeline

The dematerialization activities occurred throughout March 2026, with the earliest transaction recorded on 03.03.2026 and the latest on 30.03.2026. The largest single transaction involved 144 shares processed through both depositories, while smaller transactions ranged from 3 to 135 shares.

Regulatory Compliance

The filing was submitted pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company confirmed that all share certificates were duly verified, mutilated, cancelled, and substituted with depository names as registered owners in company records.

The comprehensive documentation includes detailed annexures listing distinctive numbers, certificate numbers, and processing dates for each dematerialized lot. This quarterly compliance filing ensures transparency in share transfer processes and maintains proper regulatory standards for the listed company's equity transactions.

Vardhman Special Steels Limited has filed its quarterly monitoring agency report for the quarter ended December 31, 2025, with BSE and NSE. The report, prepared by CRISIL Ratings Limited as the monitoring agency, provides details on the utilization of proceeds from the company's preferential issue conducted earlier in the fiscal year.

Issue and Utilization Overview

The preferential issue, completed on July 4, 2025, raised Rs 3,849.09 crore through equity shares. The proceeds were earmarked for three specific purposes: capital expenditure for a greenfield steel manufacturing plant at Ludhiana (Rs 1,349.09 crore), capital expenditure at the existing plant (Rs 1,000.00 crore), and repayment of working capital borrowings (Rs 1,500.00 crore).

Quarterly Progress and Deployment

During the quarter ended December 31, 2025, the company utilized Rs 191.48 crore specifically for capital expenditure requirements at its existing plant. The monitoring agency noted that Rs 138.78 crore was transferred from the monitoring account to current accounts during the quarter for operational ease, and these transferred proceeds were fully utilized by the end of the reporting period.

The working capital borrowing repayment of Rs 1,500.00 crore was completed in earlier quarters, while no utilization occurred for the greenfield plant project during this quarter.

Investment of Unutilized Funds

The company has deployed the unutilized proceeds of Rs 2,157.61 crore across various investment instruments to generate returns while maintaining liquidity. The deployment strategy includes fixed deposits and mutual fund investments with varying maturity profiles and return rates.

The total earnings from these investments as of December 31, 2025, amounted to Rs 38.72 crore, bringing the total value of invested funds to Rs 2,196.33 crore.

Compliance and Monitoring

CRISIL Ratings Limited, serving as the monitoring agency under SEBI regulations, confirmed that all utilization during the quarter was in accordance with the disclosures made in the Notice to Shareholders. The report indicates no deviations from the stated objects, no changes in the means of finance, and no major deviations from earlier monitoring reports.

The monitoring agency relied on management undertakings, peer-reviewed independent chartered accountant certificates from M/s S.S. Periwal & Co., and bank statements to prepare the comprehensive utilization report. No delays in implementation were reported for any of the stated objects during the quarter.