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S.A.L. Steel Ltd. ( (IN:SALSTEEL) ) has provided an announcement.
S.A.L. Steel Ltd. has completed a change in control, with Sree Metaliks Ltd. acquiring a majority stake through a share purchase agreement, an open offer, and the transfer of equity shares and warrants from existing shareholders Shah Alloys Ltd. and SAL Care Pvt. Ltd. As a result, Sree Metaliks has been reclassified from public shareholder to promoter and now holds sole control over the company’s management, signalling a strategic shift in ownership and governance that may influence future operational and integration plans. In tandem, the board approved the conversion and allotment of 48,00,000 warrants into an equal number of equity shares to Sree Metaliks at an issue price of ₹25 per share, increasing S.A.L. Steel’s paid-up equity capital to ₹109.02 crore and further consolidating the new promoter’s stake, while leaving 3,57,50,000 warrants still available for future conversion and additional capital infusion.
More about S.A.L. Steel Ltd.
S.A.L. Steel Ltd., based in Gujarat, operates in the steel and alloy sector, with manufacturing facilities in Kutch-Bhuj and corporate operations in Gandhinagar and Ahmedabad. The company focuses on producing steel and related products for industrial customers, positioning itself as part of India’s broader metals and materials value chain.
Average Trading Volume: 58,739
Technical Sentiment Signal: Buy
Current Market Cap: 3.62B INR
For detailed information about SALSTEEL stock, go to TipRanks’ Stock Analysis page.