SAL Steel Limited has announced another significant development involving Sree Metaliks Limited, with the conversion of 48,00,000 warrants into equity shares representing 3.32% of the company's expanded share capital. This latest transaction follows the earlier acquisition disclosed in September 2025.

Warrant Conversion Details

The conversion was executed in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015. SAL Steel received formal intimation from Sree Metaliks Limited on December 29, 2025, regarding this warrant conversion.

Previous Acquisition Context

This warrant conversion is part of the broader acquisition structure established through the Share Purchase Agreement dated September 4, 2025. The original transaction involved both equity shares and warrants, with the current conversion representing the materialization of the warrant component.

Regulatory Compliance Framework

The disclosure fulfills requirements under multiple SEBI regulations, ensuring transparency in substantial acquisition activities. The company has submitted necessary documentation to both NSE and BSE exchanges as mandated by regulatory frameworks.

Corporate Structure Evolution

With this warrant conversion, Sree Metaliks Limited further consolidates its position as a substantial shareholder in SAL Steel. The conversion represents the completion of the investment structure initially established through the September 2025 agreement.

The disclosure was signed by Company Secretary Radhika P. Soni on December 29, 2025, maintaining the company's commitment to regulatory compliance and transparent communication with stakeholders.

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.