SAL Steel Ltd has completed a comprehensive board restructuring on December 23, 2025, with formal regulatory filings confirming both new director appointments and resignations as part of the ongoing acquisition process by Sree Metaliks Limited. The company has submitted all required documentation under SEBI regulations to BSE and NSE.

Regulatory Compliance and Documentation

The company has filed comprehensive intimations under Regulation 30 of SEBI (LODR) Regulations, 2015 with both stock exchanges. The filings include detailed disclosures for director appointments and resignations, ensuring full regulatory compliance during the ownership transition.

New Director Appointments

The board approved three strategic appointments, all effective from December 23, 2025, subject to shareholder approval through postal ballot:

Mahesh Kumar Agarwal brings over 40 years of experience in the Mining and Steel Industry. As a science graduate, he has demonstrated extensive management expertise and visionary leadership. Kaustubh Agarwal, a mining engineer with over 5 years of experience, represents the new generation of leadership and is the son of Mahesh Kumar Agarwal. Hiren S. Mahadevia joins as an Independent Director, bringing substantial expertise as a Company Secretary and ICSI member since 1986, with over 35 years of finance and legal management experience.

Formal Resignation Process

Rajendrakumar Shah (DIN: 00020904) formally submitted his resignation from the position of Chairman, Non-Executive, Non-Independent Director through a detailed resignation letter. The resignation was specifically attributed to the Open Offer acquisition by Sree Metaliks Limited.

In his resignation letter, Shah confirmed there were no other material reasons for his departure beyond the acquisition. He expressed gratitude for his tenure and wished the company success. Additionally, Mrinal Sinha (DIN: 09482143) resigned as Whole Time Director due to personal and unavoidable circumstances.

Governance Authorization

The board has authorized Kaustubh Agarwal, designated as Whole Time Director, to determine the materiality of events and make disclosures to stock exchanges. The Key Managerial Personnel now include Kaustubh Agarwal as Whole Time Director and Radhika P. Soni as Company Secretary and Compliance Officer, who signed the regulatory filings.

These comprehensive board changes are pursuant to the Share Purchase Agreement dated September 04, 2025, with the Open Offer completing on December 11, 2025, marking SAL Steel's transition under Sree Metaliks Limited's ownership.

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.