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S.A.L. Steel Ltd. ( (IN:SALSTEEL) ) just unveiled an announcement.
S.A.L. Steel Ltd. has announced a change in its promoter group following the completion of a share purchase agreement and an open offer under SEBI takeover regulations. Sree Metaliks Ltd. has acquired control of the company through the transfer of over 2.34 crore equity shares and 48 lakh warrants from existing promoters Shah Alloys Ltd. and SAL Care Pvt. Ltd., in addition to shares tendered in the open offer, leading to its reclassification from public shareholder to promoter. As a result, SAL Care Pvt. Ltd., which now holds no equity in S.A.L. Steel, has ceased to be a promoter, with the company confirming that all regulatory conditions for this reclassification under SEBI’s listing rules have been met, marking a significant shift in ownership and management control for stakeholders to monitor.
More about S.A.L. Steel Ltd.
S.A.L. Steel Ltd., based in Gujarat, operates in the steel industry, manufacturing steel products from its plant at Bharapar in Kutch district, with corporate operations managed from offices in Gandhinagar and Ahmedabad. The company is listed on both BSE and NSE under the scrip code 532604 and symbol SALSTEEL, respectively.
Average Trading Volume: 58,739
Technical Sentiment Signal: Buy
Current Market Cap: 3.62B INR
See more data about SALSTEEL stock on TipRanks’ Stock Analysis page.