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SAL Steel Ltd to issue 48 lakh warrants at Rs. 25 to promoter entity SAL Care Pvt Ltd

Posted On: 2024-05-12 14:03:27 (Time Zone: IST)

The Board of Directors of SAL Steel Limited ("the Company") at its meeting held on May 11, 2024, has inter alia, considered and approved the raising of funds by issue of up to 48,00,000 (Forty Eight Lakhs) Convertible Equity Warrants ("Warrants"), convertible into or exchangeable for, 1 (One) fully paid up Equity Share of the Company, having a face value of ? 10/- (Rupees Ten only) each within the period of 18 months from the date of allotment of Warrants in accordance with the applicable laws, at a price of ? 25/- (Rupees Twenty Five only) per Warrant including Premium of ? 15/- (Rupees Fifteen only) each, being the issue price determined in accordance with the provisions of the Companies Act, 2013, as amended, ("Act"); the Securities and Exchange Board of India (Issue of Capital and Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), as amended from time to time, aggregating up to ? 12.00 Crores (Rupees Twelve Crores only) to the Promoter Allottee SAL Care Private Limited (Company registered under the Indian Companies Act, 1956), on a preferential and private placement basis in accordance with the provisions of Section 42 and Section 62(1)(c) of the Act read with Companies (Prospectus and Allotment of Securities Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014, as amended ("Rules"), Chapter V of SEBI ICDR Regulations, SEBI Listing Regulations and such other acts/ rules / regulations as may be applicable and subject to necessary approval of the members of the Company and other regulatory authorities, as may be applicable ("Preferential Issue").

An amount equivalent to 25% of the Warrant Issue Price shall be payable at the time of subscription and allotment of each Warrant and the balance 75% shall be payable by the Warrant holder(s) on the exercise of Warrant(s).

Each Warrant will be convertible into, or exchangeable for, 1 (one) fully paid-up equity share of the Company of face value of ?10 (Rupees Ten Only), which may be exercised in one or more tranches during a period of 18 (eighteen) months commencing from the date of allotment of Warrants.

Shares of S.A.L. Steel Limited was last trading in BSE at Rs. 18.69 as compared to the previous close of Rs. 18.24. The total number of shares traded during the day was 13918 in over 122 trades.

The stock hit an intraday high of Rs. 18.80 and intraday low of 17.55. The net turnover during the day was Rs. 254956.00.

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