PNN
Visakhapatnam (Andhra Pradesh) [India], May 4: Steel Exchange India Limited (NSE: STEELXIND, BSE: 534748), one of the leading integrated steel manufacturers in South India and a trusted name in TMT rebars under the brand 'SIMHADRI TMT', has announced key capital market developments comprising fresh warrant issuance and conversion of existing warrants, aimed at further strengthening the Company's capital structure.
Key Approved Developments:
* Fresh Allotment of 4,40,00,000 Convertible Equity Warrants at ₹9.45 per warrant on a preferential basis, aggregating to ₹10.40crore on receipt of 25 % of Subscription Amount.
* Conversion of 2,82,97,870 Existing Warrants issued at 14.10 into Equity Shares following receipt of balance subscription money aggregating to ₹29.92 crore
These developments are expected to strengthen Steel Exchange India's capital base and financial flexibility, enhancing the Company's ability to support operational expansion, improve working capital efficiency, and pursue strategic growth opportunities. With a reinforced financial foundation, SEIL remains well-positioned to capitalize on demand growth in the domestic steel sector and drive long-term value creation.
Commenting on the update, the management of Steel Exchange India Limited said: " The warrant allotment and subsequent conversion represent a strategic step in strengthening our capital base and enhancing financial flexibility. This positions us well to scale operations, improve supply chain efficiencies and pursue growth opportunities across the steel value chain, while continuing to build long-term value."
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