SAL Steel Limited has announced a significant acquisition by Sree Metaliks Limited, involving the purchase of 2,34,59,495 equity shares and 48,00,000 warrants representing collectively 19.52% of the company's expanded share capital. The acquisition was executed pursuant to a Share Purchase Agreement dated September 4, 2025, as disclosed under SEBI regulations on December 26, 2025.

Acquisition Details

The transaction was conducted in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015. The acquisition structure includes both equity shares and warrants:

Regulatory Compliance

SAL Steel received formal intimation from Sree Metaliks Limited as the acquirer, fulfilling disclosure requirements under multiple SEBI regulations. The company has submitted the necessary documentation to both NSE and BSE exchanges as mandated by regulatory frameworks.

Corporate Structure Impact

This acquisition represents a significant development in SAL Steel's shareholding pattern, with Sree Metaliks Limited emerging as a substantial shareholder. The transaction involves both immediate equity participation through shares and potential future dilution through warrant conversion.

Company Information

SAL Steel Limited operates with its corporate office located at Shah Alloys Corporate House, Sola-Kalol Road, Santej, and registered office in Ahmedabad. The company maintains manufacturing facilities at Village Bharapar, Gandhidham, Kutch, and trades on both NSE (SALSTEEL) and BSE (532604) with ISIN code INE658G01014.

The disclosure was signed by Company Secretary Radhika Soni on December 26, 2025, ensuring compliance with all applicable regulatory requirements for substantial acquisition notifications.

SAL Steel Limited has announced the resignation of its Chairman and Non-Executive Director Rajendrakumar Shah, effective December 23, 2025. The resignation comes pursuant to the open offer acquisition by Sree Metaliks Limited.

Director Resignation Details

Rajendrakumar Shah (DIN: 00020904) tendered his resignation from the directorship of SAL Steel Limited with effect from closure of business hours on December 23, 2025. The resignation is directly linked to the acquisition process by Sree Metaliks Limited (The Acquirer).

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SAL Steel informed both BSE and NSE about the board change through proper regulatory filings on December 23, 2025.

Company Secretary and Compliance Officer Radhika P. Soni (M.No.-A64410) signed the disclosure documents on behalf of the company, ensuring compliance with SEBI circulars dated September 9, 2015, and July 13, 2023.

Resignation Letter Highlights

In his resignation letter dated December 23, 2025, Shah confirmed that there is no other material reason for his resignation apart from the acquisition by Sree Metaliks Limited. He expressed his gratitude for the opportunity to serve as Chairman and board member, specifically mentioning:

• His privilege of being a member of the Board of Directors as Chairman
• Appreciation for his memorable association during his tenure
• Request for relief from duties with effect from closure of business hours on December 23, 2025
• Best wishes for the company's future

Company Information

SAL Steel Limited (CIN: L29199GJ2003PLC043148) operates with its registered office in Ahmedabad and corporate office in Gandhinagar, Gujarat. The company's manufacturing facility is located in Village Bharapar, Gandhidham, Kutch-Bhuj.

The resignation represents a strategic board change linked to the corporate acquisition, with the company maintaining full regulatory compliance in announcing the directorial change to stakeholders and stock exchanges.