Steelman Telecom Limited's Board of Directors conducted a comprehensive meeting on February 18, 2026, from 11:30 AM to 12:30 PM, approving several significant corporate governance and financial restructuring measures. The telecommunications company, formerly known as Steelman Telecom Private Limited, announced multiple strategic decisions that will require shareholder approval through an upcoming Extra-Ordinary General Meeting.

Board Meeting Key Decisions

The board meeting, held on Wednesday, February 18, 2026, addressed five major agenda items that will shape the company's immediate corporate structure and governance framework. These decisions demonstrate the company's commitment to expanding its capital base and ensuring proper regulatory compliance.

Authorized Share Capital Enhancement

The most significant decision involved approving a substantial increase in the company's authorized share capital structure. The board sanctioned expanding the capital base to accommodate future growth requirements and strategic initiatives.

This expansion will require consequent alteration of Clause V of the Memorandum of Association, subject to member approval at the forthcoming EGM.

Related Party Transactions and EGM Scheduling

The board also approved material related party transactions, which will be presented to shareholders for their consideration and approval. These transactions require transparent disclosure and member consent as per regulatory requirements.

Furthermore, the directors scheduled an Extra-Ordinary General Meeting for Thursday, March 19, 2026, at 12:00 NOON IST. The meeting will be conducted at the company's registered office located at Mani Casadona, Flat No 15E1, Floor No-15, Plot No-IIF/04, Street No-372, Action Area-IIF, New Town, Kolkata-700156.

EGM Governance and Scrutinizer Appointment

To ensure proper conduct of the Extra-Ordinary General Meeting, the board approved the draft notice for member circulation and appointed Mr. Saurabh Basu, Practicing Company Secretary (C.P. No.14347, Mb No: 18686), as scrutinizer for conducting the remote e-voting process and voting procedures during the EGM.

The meeting outcome was formally communicated to the Bombay Stock Exchange Limited, where Steelman Telecom Limited trades under scrip code 543622, ensuring full regulatory compliance and transparency for all stakeholders.

Steelman Telecom announced that warrant holders have failed to exercise their conversion option within the stipulated 18-month deadline, resulting in the forfeiture of the upfront payment totaling Rs 4.28 crore.

Warrant Details

The company had issued 10 lakh fully convertible warrants at Rs 171.00 each to eight allottees, including promoters and non-promoters, on January 25, 2024. The warrant holders were required to pay 25% upfront (Rs 42.75 per warrant) and had the option to convert these warrants into equity shares by paying the remaining 75% (Rs 128.25 per warrant) within 18 months.

Forfeiture of Upfront Payment

As per the company's intimation to the Bombay Stock Exchange under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, none of the warrant holders exercised their conversion option by the deadline of July 24, 2025. Consequently, the total upfront amount of Rs 4.28 crore stands forfeited in accordance with Regulation 169(3) of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Allottee Details

The warrant holders who failed to exercise their conversion option include:

Impact on Company Finances

The forfeiture of the upfront payment provides Steelman Telecom with an unexpected influx of Rs 4.28 crore. However, the company will not receive the additional Rs 12.83 crore that would have been raised if all warrants were converted to equity shares.

This development may affect the company's capital structure and future expansion plans, as the anticipated equity infusion from the warrant conversion will not materialize.

Steelman Telecom, formerly known as Steelman Telecom Private Limited, is headquartered in Kolkata and operates in the telecommunications sector.