Steelman Telecom Promoter Boosts Stake with Convertible Warrant Acquisition

Steelman Telecom Limited , a company listed on the BSE SME Board, has announced a significant change in its promoter's shareholding. Mahendra Bindal, a key promoter of the company, has acquired 200,000 fully convertible warrants through preferential allotment on January 25, 2024.

Promoter's Stake Increase

Following this acquisition, Bindal's position in the company has strengthened considerably:

Holding Type	Number of Shares/Warrants	Percentage of Total Share Capital
Shares with Voting Rights	10,15,050	10.49%
Convertible Warrants	200,000	1.87%

Impact on Share Capital

The warrant acquisition has implications for Steelman Telecom's share capital structure:

Capital Type	Amount (Rs.)	Number of Equity Shares	Face Value per Share (Rs.)
Current Equity Share Capital	9.67 crore	96,76,200	10
Diluted Share Capital (post-warrant conversion)	10.67 crore	1,06,76,200	10

This move by the promoter could be seen as a sign of confidence in the company's future prospects. The acquisition of convertible warrants provides Bindal with the right to convert these instruments into equity shares at a later date, potentially increasing his stake in the company further.

For investors and market observers, this development may be of interest as it represents a significant change in the ownership structure of Steelman Telecom. The increased promoter stake often signals a positive outlook, although investors should always conduct their own research and consider multiple factors when making investment decisions.

As Steelman Telecom continues to operate in the telecom sector, stakeholders will likely keep a close eye on how this change in promoter holding might influence the company's strategic direction and performance in the coming months.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.90%	+0.50%	-11.57%	-35.16%	-25.56%	-40.55%

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:

Allottee Name	Number of Warrants
Mahendra Bindal	2,00,000
Mayank Bindal	2,00,000
Laxmi Devi Jhunjhunwala	2,00,000
Bhagyoday Oil Industries	1,00,000
Pooja Vivek Jalan	1,00,000
Navyarth Capital Advisors Private Limited	1,00,000
Mohit Baser	50,000
Anshul Baser	50,000

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.