Promoter Mukesh Goel of Aanchal Ispat Limited has announced a significant offer for sale (OFS) of equity shares through the stock exchange mechanism. The OFS involves the sale of 5,65,725 equity shares with a face value of ₹10 each, representing 19.97% of the company's total paid-up equity share capital. The transaction is scheduled to take place on February 03-04, 2026, following SEBI's comprehensive framework for offer for sale through stock exchange mechanisms.

OFS Structure and Timeline

The offer will be conducted over two trading days with specific investor categories allocated to each day. February 03, 2026 (T Day) will be exclusively for non-retail investors, with trading hours from 9:15 a.m. to 3:30 p.m. Indian Standard Time. February 04, 2026 (T+1 Day) will accommodate retail investors and non-retail investors who choose to carry forward their unallotted bids from the previous day.

Investor Categories and Allocation

The OFS follows a structured allocation methodology with distinct categories for different investor types. Retail investors are defined as individual investors placing bids for offer shares with a total value not exceeding ₹200,000 aggregated across stock exchanges. A minimum of 10% of the offer shares will be reserved for retail investors.

For non-retail investors, specific allocation rules apply with restrictions on single bidder allocations. No single bidder, except mutual funds registered with SEBI and insurance companies registered with IRDAI, can be allocated a minimum of 25% of the offer size. A minimum of 25% of offer shares will be reserved for mutual funds and insurance companies, subject to valid bids at or above the floor price.

Pricing and Bidding Mechanism

The floor price has been set at ₹50 per equity share, with no retail discount offered. Retail investors will have the option to bid at any price above the floor price or opt for the cut-off price, which will be determined as the lowest price at which offer shares are sold in the non-retail category based on valid bids received on T Day.

Settlement and Trading Conditions

Settlement will take place on a trade-for-trade basis with different timelines for various investor categories. For non-retail category bids received on T Day with 100% upfront payment, settlement will occur on T+1 Day. Retail investor settlements will follow normal secondary market transaction rules.

The company's other equity shares will continue trading in the normal market during the OFS period. However, the offer may be halted in case of market-wide index-based circuit filter breaches. Promoters and promoter group members are prohibited from participating in the offer, and any such bids will be rejected.

Regulatory Compliance and Objectives

The OFS is being undertaken primarily 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 has been declared as the designated stock exchange, with NSC Clearing Limited serving as the designated clearing corporation.

The seller reserves the right to withdraw the offer before opening on T Day, which would trigger a 10 trading day cooling-off period before another OFS can be initiated. Cancellation during the bidding period is not permitted, though the seller may cancel post-bidding if insufficient demand is received from non-retail investors at or above the floor price.

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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.