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Steel Exchange India Limited board approves preferential issue of warrants, CCDs

Posted On: 2021-10-15 21:43:47 (Time Zone: IST)


The Board of directors of Steel Exchange India Limited in its meeting held on 15.10.2021 at 4.00 p.m. at the registered office of the Company considered and approved the issue of up to 2,34,60,000 unsecured 12% Compulsorily Convertible Debentures ("CCDs") of Rs. 72.50 each aggregating to Rs. 1,70,08,50,000 /- (Rupees One hundred and Seventy crores eight Lakhs fifty thousand only) convertible in to 2,34,60,000 shares of Rs. 10/- each at a price of Rs. 72.50 1- per share (inclusive of a premium of Rs. 62.50/- per share) on preferential basis, subject to shareholders' approval.

The board also approved issue of 58,22,150 Convertible Warrants of Rs. 72.50 each aggregating to Rs. 42,21,05,875/- (Rupees Forty-two crores twenty-one lakhs five thousand eight hundred and seventy-five only) convertible in to 58,22,150 equity shares of Rs. 10/- each at a price of Rs. 72.50/- per share inclusive of premium of Rs. 62.50 /- per share) on preferential basis, subject to shareholders approval.

M/s Vizag Profiles Private Limited (Promoter Group Entity) and Vishwa Samudra Holdings Private Limited (Non-Promoter Entity) will subscribe for the 12% unsecured Compulsorily Convertible Debentures ("CCDs") and M/s Umashiv Garments Private Limited (Promoter Group Entity) will subscribe for the convertible warrants.

The Board also approved convening of an Extra-ordinary General Meeting ("EGM") of the shareholders of the Company on Wednesday, 10 November 2021 at 11.00 am through video conferencing / other audio-visual means for obtaining Shareholder's approval for the items stated in the EGM Notice. Accordingly, the relevant date for the pricing of aforesaid preferential issue of the CCDs and Convertible Warrants is 11th October 2021.

The CCDs and Warrants shall be convertible at any time, at the discretion of the Investor, on or before the date falling within 18 (eighteen) months from the date of allotment of CCDs and Warrants. The Exchanges will be intimated on conversion of securities or on lapse of the tenure of the instrument.

Shares of STEEL EXCHANGE INDIA LIMITED was last trading in BSE at Rs. 77.95 as compared to the previous close of Rs. 80.45. The total number of shares traded during the day was 11077 in over 250 trades.

The stock hit an intraday high of Rs. 82.10 and intraday low of 77.10. The net turnover during the day was Rs. 874223.00.


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