SAL Steel Limited Allots 3.57 Crore Equity Shares on Warrant Conversion

SAL Steel Limited has allotted 3,57,50,000 equity shares pursuant to the conversion of an equal number of warrants previously issued on a preferential basis to promoter group entity Sree Metaliks Limited, the company informed the exchanges.

The conversion was approved by the Board at its meeting held on February 14, 2026, in compliance with Regulation 30 of the SEBI (LODR) Regulations.

Allotment Details and Capital Structure Impact

The warrants were issued at a price of ₹18 per warrant, including a premium of ₹8 per share. At the time of initial allotment, 25% of the issue price (₹4.50 per warrant) was paid, with the remaining 75% (₹13.50 per warrant) received upon exercise of the conversion option.

Upon conversion:

• 3,57,50,000 equity shares of face value ₹10 each were allotted
• The new shares rank pari-passu with the existing equity shares
• The issued, subscribed and paid-up equity share capital increased to ₹144.76 crore, comprising 14,47,66,700 fully paid-up equity shares

The aggregate amount received towards the 75% balance component stood at ₹48.26 crore.

Change in Promoter Shareholding

Following the conversion, Sree Metaliks Limited’s holding increased from 4,75,12,199 shares (43.58%) to 8,32,62,199 shares (57.51%).

This reflects a mechanical increase in promoter shareholding as a result of warrant conversion under the preferential issue approved earlier on October 30, 2025. The warrants were convertible within 18 months from the date of allotment.

Market Snapshot (As of 3:30 PM IST, February 17, 2026)

On Tuesday, on the BSE, shares of SAL Steel Limited closed at ₹48.41, down ₹0.98 or 1.98% compared with the previous close of ₹49.39.

• Open: ₹50.00
• High: ₹50.00
• Low: ₹48.41
• Market Capitalisation: ₹519.25 crore
• 52-week High: ₹50.00
• 52-week Low: ₹14.61

The stock traded below its opening level throughout the session and ended near the day’s low.

Source: https://nsearchives.nseindia.com/corporate/SALSTEEL_17022026152620_Allotement_of_Securities_14022026.pdf