Steel Exchange India Limited (SEIL) has strengthened its capital base after receiving an upfront infusion of Rs 750 mn through allotment of convertible warrants to India Coke and Power Private Limited and IMR Steel Private Limited, both linked to the IMR Group. The subscription forms part of a preferential issue and follows approval by the board on four March 2026.

The receipt is part of the company’s proposed fund raise of up to Rs 3.5 bn through issuance of convertible warrants and forms part of a broader strategic capital infusion. The warrants are convertible within 18 months of allotment and the company has received Rs 750 mn towards subscription. The investment is intended to support operational efficiency, supply chain strengthening, debt reduction and access to global sourcing of key raw materials such as metallurgical coke, coking coal, non-coking coal and ferrous scrap.

The capital infusion aligns with SEIL’s positioning as an integrated steel manufacturer and is expected to enhance its capacity to meet growing steel demand in India while strengthening long-term linkages across the value chain. SEIL operates an integrated steel plant and power unit in Vizianagaram district near Visakhapatnam, housing sponge iron, billet, a rolling mill and power generation capacities that enable backward and forward integration for long steel production.

The IMR Group is a Switzerland-headquartered international metals and mining group with presence in over 17 countries and operations spanning trading, mining and downstream steel production. India Coke and Power Private Limited acts as the group’s principal trading entity in India, focusing on imported mineral resources and critical raw materials for the steel, cement and power industries. Management said they remain focused on strengthening operational capabilities and building a more integrated and resilient business amid improving demand dynamics and see opportunities to scale and enhance long-term value creation.