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.

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.