VISA Steel Limited's Board of Directors concluded their meeting on February 4, 2026, approving the company's unaudited financial results for the third quarter of fiscal year 2026 and announcing a significant corporate restructuring decision. The board approved both standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, in compliance with Regulation 33 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Board Meeting Outcomes

The board meeting, which commenced at 12:30 hours and concluded at 16:20 hours, addressed several critical corporate matters. The directors approved the quarterly financial results along with the Limited Review Report of Statutory Auditors in the specified format required by regulatory authorities.

Major Corporate Name Change Proposal

In a significant development, the board approved changing the company's name from 'VISA Steel Limited' to 'VISA Chrome Limited'. This proposed transformation includes consequential amendments to the Memorandum of Association and Articles of Association to reflect the new corporate identity.

Postal Ballot Process

The board has approved sending a Postal Ballot Notice to shareholders for the name change approval. The notice will be dispatched to company members and stock exchanges in due course, following applicable regulations. This democratic process ensures shareholder participation in the significant corporate restructuring decision.

Regulatory Compliance and Documentation

The company has formally notified both BSE Limited and National Stock Exchange of India Limited about the board meeting outcomes through official communication. VISA Steel operates with BSE scrip code 532721 and NSE symbol VISASTEEL, with its plant office located at Kalinganagar Industrial Complex in Jajpur, Odisha. The announcement was signed by Amisha Chaturvedi Khanna, Company Secretary and Compliance Officer, ensuring proper regulatory disclosure procedures are maintained throughout the process.

VISA Steel Limited , a player in the steel industry, has completed a significant corporate action involving the conversion of warrants into equity shares, strengthening its capital structure and increasing promoter shareholding.

Warrant Conversion and Shareholding Update

The company's Preferential Issue Committee approved the allotment of 1,35,00,000 equity shares to VISA Industries Limited, a promoter group entity, following the conversion of an equal number of fully convertible warrants. This transaction has resulted in a substantial increase in the promoter group's shareholding.

Shareholding Pattern Changes

Following the warrant conversion, VISA Industries Limited's shareholding in VISA Steel has increased significantly, as disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Impact on Share Capital Structure

The conversion has resulted in a substantial increase in the company's paid-up share capital, expanding the equity base and strengthening the balance sheet.

Original Warrant Framework

This conversion follows the original allotment of 5,00,00,000 fully convertible warrants to VISA Industries Limited, which was approved by shareholders at an Extra-Ordinary General Meeting.

Strategic Implications

The newly allotted equity shares rank pari-passu with existing equity shares of the company. With 3,65,00,000 warrants still remaining unconverted, VISA Industries Limited retains the option to convert the balance warrants within the stipulated 18-month period, which could potentially bring in an additional Rs. 109.50 crore to the company.

This capital infusion and increased promoter shareholding demonstrates strong confidence in VISA Steel's prospects. The enhanced shareholding provides greater strategic control while the capital strengthens the company's financial position for future growth initiatives in the competitive steel industry.