Steel Exchange India Limited has announced the resignation of its Nominee Director Mr. Nagoji Ram Mohan, effective January 02, 2026. The resignation follows the withdrawal of nomination by the company's lender, Vishwa Samudra Holdings Private Limited, marking a significant change in the company's board composition.

Resignation Details and Timeline

Mr. Nagoji Ram Mohan (DIN: 02895361) submitted his resignation from the position of Nominee Director with effect from the closing business hours on January 02, 2026. The resignation was formally communicated to the Board of Directors on the same date, with the director citing the withdrawal of nomination by Vishwa Samudra Holdings Private Limited as the primary reason.

Regulatory Compliance and Disclosures

Steel Exchange India Limited has fulfilled its regulatory obligations by informing both BSE Limited and National Stock Exchange of India Limited about the directorial change. The company filed the intimation under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure includes comprehensive details as required under SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, specifically concerning the resignation of a Nominee Director. Company Secretary and Compliance Officer Raveendra Babu M (M.No: A34409) signed the regulatory filings on January 03, 2026.

Formal Documentation Process

The company has received the formal resignation letter from Mr. Nagoji Ram Mohan, dated January 02, 2026, submitted from Hyderabad. In his resignation letter, the director requested the Board to arrange filing of necessary forms with the Registrar of Companies and Stock Exchanges to formalize the resignation process.

Company's Response and Next Steps

The company has officially acknowledged the resignation and expressed appreciation for Mr. Nagoji Ram Mohan's valuable contributions during his tenure as Nominee Director. Steel Exchange India Limited confirmed that it will arrange to file the necessary forms with the Registrar of Companies and complete all required regulatory procedures to formalize the resignation.

The board composition change reflects the dynamic relationship between the company and its financial stakeholders, particularly regarding nominee director appointments by lending institutions. The company maintains its commitment to proper corporate governance and regulatory compliance throughout this transition period.

Steel Exchange India has achieved a significant milestone by securing investment-grade credit rating status from Infomerics Valuation and Rating Limited, while its board of directors approved a comprehensive fundraising proposal to raise up to ₹700.00 crores. The dual announcement represents a strategic breakthrough that strengthens the company's financial position and supports future growth initiatives in the competitive steel manufacturing sector.

Credit Rating Upgrade Achievement

Infomerics Valuation and Rating Limited has assigned and upgraded loan facilities aggregating ₹398.56 crores, marking the company's entry into investment-grade status. The rating agency upgraded the company's facilities to IVR BBB-/Stable outlook, reflecting improved operational performance and enhanced financial discipline.

Fundraising Structure and Implementation

The board approved fundraising framework provides extensive flexibility in instrument selection and issuance methodology. The company can execute the capital raising through various modes including preferential issue, private placement, qualified institutions placement, public issue, or any other permissible method under applicable laws.

Strategic Growth Initiatives

The proposed fund raise will support the company's growth and expansion plans, including entry into specialty and value-added steel products under the Production Linked Incentive (PLI) Scheme, aligning with the Government of India's Atmanirbhar Bharat initiative. The investment-grade rating achievement will enable access to capital at competitive rates and provide enhanced financial flexibility for future operations.

Management Outlook and Regulatory Framework

The board has established a Fund-Raising Committee with comprehensive delegated authority to oversee fundraising execution, ensuring efficient decision-making once all necessary approvals are obtained. The fundraising initiative will be executed in strict accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws, remaining contingent upon securing requisite approvals from shareholders, regulatory authorities, and statutory bodies.