SAL Steel has received a disclosure from Shah Alloys Limited regarding the substantial disposal of shares under Regulation 29 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction represents a significant reduction in the promoter group's shareholding in the steel company.

Transaction Details

Shah Alloys Limited, which belongs to the promoter group of SAL Steel Limited, executed an off-market transfer of shares pursuant to a Share Purchase Agreement dated September 4, 2025. The actual disposal took place on December 12, 2025.

Shareholding Pattern Changes

The disposal has resulted in a significant change in Shah Alloys Limited's shareholding pattern in SAL Steel Limited. Before the transaction, the promoter entity held a total of 3,02,56,989 shares representing 29.03% of the company's voting capital.

Company Capital Structure

SAL Steel Limited's equity share capital remains unchanged following this transaction. The company maintains its capital structure with no impact on the total number of outstanding shares.

SAL Steel Limited's shares are listed on both BSE Limited and National Stock Exchange of India Limited. The disclosure was signed by Narayanlal F. Shah, Company Secretary & Compliance Officer of Shah Alloys Limited, ensuring compliance with regulatory requirements for substantial shareholding changes.

As a result of this transaction, Shah Alloys Limited has reduced its total holding in SAL Steel Limited to 18.71%, down from the previous 29.03%. This significant reduction in stake through an off-market transfer marks a notable change in the ownership structure of SAL Steel Limited.

SAL Steel Limited has published a post-offer advertisement following the completion of Sree Metaliks Limited's open offer for acquiring equity shares from public shareholders. The advertisement was published on December 22, 2025, in compliance with SEBI (SAST) Regulations.

Open Offer Completion Details

The open offer process has been completed with the following key parameters:

Post-Offer Advertisement Publication

The post-offer advertisement was published in multiple newspapers as required under Regulation 18(12) of SEBI (SAST) Regulations:

Committee Recommendation

The Committee of Independent Directors had previously recommended accepting the open offer, describing the offer price as fair and reasonable to public shareholders. The committee comprised Mitesh Vasanibha Fariwala, Bipinbhai Amulakhbhai Goslia, and Nipalraj Shah.

Regulatory Compliance

SAL Steel has submitted the newspaper clippings to both BSE Limited and National Stock Exchange of India Limited for record purposes. The company's compliance officer, Radhika P. Soni, handled the regulatory submissions as per listing obligations.

Corporate Governance

The completion of this open offer process demonstrates SAL Steel's adherence to regulatory requirements and corporate governance standards. The systematic publication of post-offer advertisements ensures transparency for all stakeholders in the acquisition process.