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The latest announcement is out from S.A.L. Steel Ltd. ( (IN:SALSTEEL) ).
S.A.L. Steel Ltd. has completed a change in control, with Sree Metaliks Ltd. acquiring a significant stake through a share purchase agreement and open offer, leading to its reclassification from public shareholder to promoter and granting it sole control over the company’s management and affairs. In parallel, the board approved the conversion and allotment of 48,00,000 warrants into equity shares at ₹25 per share to Sree Metaliks, increasing S.A.L. Steel’s paid-up equity capital to ₹109.02 crore and leaving 3,57,50,000 warrants outstanding for potential future conversion, which could further strengthen the company’s capital base and deepen promoter holding.
More about S.A.L. Steel Ltd.
S.A.L. Steel Ltd., based in Gujarat, operates in the steel industry, producing steel and related products from its facilities in Kutch-Bhuj and managing corporate operations 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
For a thorough assessment of SALSTEEL stock, go to TipRanks’ Stock Analysis page.