Aanchal Ispat Limited has successfully completed its offer for sale (OFS) on February 03-04, 2026, with promoter Mukesh Goel selling 5,65,725 equity shares representing 19.97% of the company's total paid-up equity share capital. The transaction has resulted in a significant reduction of the promoter's shareholding from 94.97% to 75.00%, as disclosed in regulatory filings under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

OFS Execution and Timeline

The offer was conducted over two trading days following SEBI's comprehensive framework for offer for sale through stock exchange mechanisms. February 03, 2026 (T Day) was exclusively allocated for non-retail investors, while February 04, 2026 (T+1 Day) accommodated retail investors and non-retail investors carrying forward unallotted bids from the previous day.

Shareholding Pattern Changes

The completion of the OFS has resulted in substantial changes to the company's shareholding structure. Mukesh Goel's holding has decreased from 26,90,723 shares (94.97%) to 21,24,998 shares (75.00%), marking a strategic move towards achieving minimum public shareholding requirements.

Regulatory Compliance and Structure

The OFS was primarily undertaken to achieve minimum public shareholding requirements as prescribed under Securities Contracts (Regulation) Rules, 1957 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. BSE Limited served as the designated stock exchange with specific investor categories and allocation methodologies.

Retail investors were defined as individual investors placing bids for offer shares with total value not exceeding ₹200,000 aggregated across stock exchanges, with a minimum 10% reservation of offer shares. Non-retail investors, including mutual funds and insurance companies, had separate allocation rules with at least 25% of offer shares reserved for SEBI-registered mutual funds and IRDAI-registered insurance companies.

Transaction Settlement and Market Impact

Settlement was conducted on a trade-for-trade basis with different timelines for various investor categories. Non-retail category bids received on T Day with 100% upfront payment were settled on T+1 Day, while retail investor settlements followed normal secondary market transaction rules. The company's other equity shares continued trading in the normal market during the OFS period, ensuring market liquidity and transparency throughout the process.

Aanchal Ispat Limited has announced its unaudited standalone financial results for the quarter ended December 31, 2025, alongside significant corporate restructuring decisions that mark a new chapter for the steel manufacturing company. The Board of Directors meeting held on January 21, 2026, approved multiple strategic initiatives including a complete rebranding and business diversification plan.

Financial Performance Overview

The company's Q3FY26 financial performance showed marked improvement compared to the previous year. Key financial metrics demonstrate the company's recovery trajectory following the completion of its Corporate Insolvency Resolution Process (CIRP).

For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹6,038.97 lakhs compared to ₹11,652.63 lakhs in the corresponding period of the previous year. Despite lower revenue, the company achieved a net profit of ₹82.82 lakhs for the nine-month period, contrasting with a loss of ₹35.69 lakhs in the previous year.

Corporate Restructuring and Name Change

The Board approved a comprehensive corporate transformation, beginning with a name change from "Aanchal Ispat Limited" to "Montera Limited." This rebranding follows the Central Registration Centre's approval of the RUN application dated January 7, 2026. The name change is subject to approval from shareholders, the Ministry of Corporate Affairs, and other regulatory authorities.

Alongside the rebranding, the company approved significant amendments to its Memorandum of Association to facilitate business diversification. The new business verticals include:

• Electrical Products Manufacturing: Production of insulating tapes, power cable kits, electrical connectors, and fireproofing materials for construction and industrial markets
• Engineering Services: Comprehensive contracting services covering mechanical, electrical, civil, and structural engineering projects
• Railway Components: Manufacturing and trading of railway carriage components, wagon parts, and locomotive spares

Governance and Regulatory Approvals

The Board scheduled an Extraordinary General Meeting for February 19, 2026, at 1:30 PM to seek shareholder approval for the proposed changes. The record date for sending EGM notices has been fixed as January 16, 2026, with the cut-off date for remote e-voting set for February 12, 2026.

The meeting will also address enhanced borrowing limits under Section 180(1)(c) of the Companies Act, 2013, and approvals for loans, guarantees, investments, and related party transactions under Sections 185, 186, and 188 respectively.

Post-CIRP Operations and Market Status

The company's operations have stabilized following the successful completion of its CIRP in March 2025. Trading in the company's equity shares resumed on BSE from December 17, 2025, after regulatory approvals. However, the shares are currently under BSE's surveillance framework for IBC companies, categorized as 'IBC/IRP Stage-I' due to promoter holding exceeding 95%.

The current shareholding structure shows promoter holding at 95% (26,90,723 shares) and public holding at 5% (1,42,608 shares), totaling 28,33,331 shares. The company continues to operate under the oversight of a Monitoring Committee established to ensure Resolution Plan implementation.

Operational Highlights

During the quarter under review, the company's revenue included income from manufacturing activities, steel trading, and job work services. The company maintained related party transactions comprising 15.55% of total sales and 12.76% of total purchases, conducted at arm's length prices with sister concern Maina International Limited for optimal capacity utilization.