Steel Exchange Raises Rs 403.2 mn Via Warrants Allotment and Conversion

07 May 2026 CW Team

Steel Exchange India Limited (SEIL) has announced a capital strengthening exercise that will raise Rs 403.2 mn through fresh warrant allotment and conversion of existing warrants. The company said the moves are aimed at bolstering the capital structure and improving financial flexibility to support operational expansion and strategic growth. The filing to the exchanges set out the preferential allotment and the subsequent conversion transactions.

Under the approved plan, SEIL issued 44 mn convertible equity warrants on a preferential basis at Rs 9.45 per warrant, with the allotment aggregating to Rs 104 mn on receipt of 25 per cent of the subscription amount. The warrants are convertible into equity shares in accordance with applicable listing regulations and the company has received the initial tranche of subscription money. The allotment will support the firm's timetable for near term capacity augmentation and supply chain measures.

The company also completed conversion of about 28.30 mn existing warrants that were issued at Rs 14.10, following receipt of the balance subscription money aggregating to Rs 299.2 mn. The conversion increases the equity base and completes the previously announced tranche of warrant exercises, with shares allotted in line with regulatory approvals. Management indicated that receipt of funds and conversions will enhance working capital efficiency and provide financial headroom for growth initiatives.

Steel Exchange India Limited, part of the Vizag Profiles Group, operates an integrated steel plant and power unit in Vizianagaram district near Visakhapatnam and manufactures TMT rebars under the SIMHADRI TMT brand. The company said the strengthened capital base will position it to pursue specialty steel initiatives under the production linked incentive scheme and support import substitution efforts. The filing was submitted to the stock exchanges and the corporate adviser contact was provided in the release.

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