VISA Steel Allots 1.65 Crore Equity Shares Through Warrant Conversion for Rs. 49.50 Crore

VISA Steel Limited has successfully completed the allotment of 1,65,00,000 equity shares to VISA Industries Limited through warrant conversion. The transaction involved receipt of Rs. 49,50,00,000 as balance subscription amount, representing 75% of the original warrant issue price.

Warrant Conversion Details

The Preferential Issue Committee of the Board of Directors approved the allotment following the conversion of warrants at Rs. 30.00 per warrant as balance consideration. The original warrant issue price was Rs. 40.00 per warrant, with 25% paid upfront and the remaining 75% paid upon conversion. The balance amount of Rs. 49,50,00,000 was received on April 4, 2026, with the allotment approved on April 6, 2026.

Parameter:	Details
Allottee:	VISA Industries Limited
Category:	Member of Promoter Group
Warrants Converted:	1,65,00,000
Balance Amount Received:	Rs. 49,50,00,000
Exercise Price:	Rs. 30.00 per warrant
Equity Shares Allotted:	1,65,00,000

Share Capital Impact

The allotment has resulted in a significant increase in the company's paid-up share capital. Following this transaction, the issued and paid-up share capital stands enhanced from the previous level, with all newly allotted equity shares ranking pari-passu with existing equity shares.

Metric:	Before Allotment	After Allotment
Paid-up Capital:	Rs. 1,29,28,95,000	Rs. 1,45,78,95,000
Number of Shares:	12,92,89,500	14,57,89,500
Face Value per Share:	Rs. 10.00	Rs. 10.00

Warrant Exercise Timeline

The warrant conversion process began with the initial allotment of 5,00,00,000 fully convertible warrants to VISA Industries Limited. The conversion has been executed in phases, with previous conversions already completed and outstanding warrants remaining for future exercise.

Date:	Transaction	Warrants/Shares
November 26, 2025:	Initial warrant allotment	5,00,00,000
December 22, 2025:	First conversion	1,35,00,000
April 6, 2026:	Current conversion	1,65,00,000
Remaining:	Outstanding warrants	2,00,00,000

Regulatory Compliance

The allotment was conducted in accordance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company received in-principle approvals from both National Stock Exchange of India Limited and BSE Limited on November 24, 2025. The transaction was also approved through a Special Resolution passed by members at the Extra-Ordinary General Meeting held on November 2, 2025.

The Preferential Issue Committee meeting was conducted from 1630 hours to 1710 hours on April 6, 2026, to formalize the allotment process. The company has made the required disclosures under SEBI Master Circular dated November 11, 2024, regarding the issue of securities on a preferential basis.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.08%	+12.05%	-12.18%	-33.12%	-7.51%	+378.05%

VISA Steel Limited has announced that its shareholders have approved the proposal to change the company's name through a postal ballot process. The company informed stock exchanges on March 27, 2026, about the successful completion of the voting process and submitted the official scrutinizer's report.

Postal Ballot Results

The postal ballot, conducted from February 24, 2026 (9:00 AM) to March 25, 2026 (5:00 PM), received overwhelming support from shareholders for the name change proposal. The resolution was passed as a special resolution with remarkable consensus among voting members.

Voting Details:	Numbers	Percentage
Total Members Participated:	60	-
Total Shares Voted:	84,834,197	73.27% of outstanding shares
Votes in Favor:	84,831,948	99.99%
Votes Against:	2,249	0.01%
Invalid Votes:	0	0.00%

Voting Process and Compliance

The company conducted the postal ballot entirely through remote e-voting in compliance with various MCA circulars and SEBI regulations. KFin Technologies Limited served as the authorized agency providing e-voting facilities through their platform at evoting.kfintech.com.

Process Details:	Information
Cut-off Date:	February 13, 2026
Total Shareholders on Record:	177,187
Listed Share Capital:	115,789,500 equity shares
Scrutinizer:	Debendra Raut of D. Raut & Associates (ACS-16626)
Notice Date:	February 4, 2026

Category-wise Voting Breakdown

The voting results showed strong support across different shareholder categories:

Category:	Shares Held	Votes Polled	Participation %	Votes in Favor	Votes Against
Promoter and Promoter Group:	60,977,167	60,977,167	100.00%	60,977,167	0
Public-Institutions:	21,798,187	0	0.00%	0	0
Public-Non Institutions:	33,014,146	23,857,030	72.26%	23,854,781	2,249

Resolution Details and Regulatory Framework

The approved resolution authorizes the change of company name and consequential amendments to the Memorandum and Articles of Association under Sections 4, 5, 13, 14, 15 and other applicable provisions of the Companies Act, 2013. The scrutinizer's report was prepared by Debendra Raut (Membership No. ACS-16626) and submitted on March 25, 2026.

The company fulfilled all regulatory requirements under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Companies Act, 2013 provisions relating to postal ballot and e-voting, and Secretarial Standard-2 issued by Institute of Company Secretaries of India. The voting results and scrutinizer's report are available on the company's website at www.visasteel.com and KFin Technologies' e-voting portal.