By Our Correspondent
BHUBANESWAR: SAL Steel Ltd, a subsidiary of Eminent Industrialist , Steel Tycoon and Mining Baron, Mr Mahesh Kumar Agarwal led Sree Metaliks Ltd, has secured a term loan of Rs 50 crore from Axis Finance Limited to repay inter-corporate deposits of AIA Engineering Limited. The borrowing, sanctioned on May 26, 2026, carries a tenor of five years and is repayable in 20 equal quarterly installments. This financial move is part of the company’s strategy to manage its liabilities and optimize its capital structure.
The facility is secured by a mortgage of the company’s entire immovable fixed assets and current assets, both present and future. Additionally, the loan is backed by the hypothecation of all movable fixed assets situated at Survey No. 245, Village Bharapar, Tal. Gandhidham, in the Kutch district of Gujarat. The security package includes unconditional and irrevocable corporate guarantees from Sree Metaliks Limited and personal guarantees from Managing Directors Mr Mahesh Kumar Agarwal and Mr Kaustubh Agarwal.
The transaction was disclosed to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Axis Finance Limited is not a related party, and the transaction was conducted at arm’s length. The sanction letter reference number is AFL/WB/NZ/UP/2026-27/16332.
SAL Steel Ltd had informed the stock exchanges that its board of directors meeting on Friday, May 29, 2026. The primary agenda of the meeting was to consider and approve the audited standalone financial results of the company for the quarter and financial year ended on March 31, 2026. The board also transact other business during the session.
The company significantly narrowed its net loss to Rs 0.35 crore in FY26, up from a loss of Rs 6.43 crore in FY25. Revenue stood at Rs 207.40 crore, down from Rs 544.12 crore the previous year due to a planned modernization shutdown. The board approved writing back consumption of by-products worth Rs 16.09 crore based on physical stock verification.
The board recommended appointing M/s. Ashish Bhavsar & Associates as cost auditors for FY27, subject to shareholder approval. The audit committee confirmed there were no deviations in the usage of proceeds from previous preferential issue warrants.
In compliance with Regulation 29 of the SEBI (LODR) Regulations, 2015, the company had intimated the exchanges regarding the upcoming meeting. This disclosure follows an earlier intimation dated February 10, 2026, which detailed the closure of the trading window.
The trading window for dealing in the shares of the company for persons specified under the code is closed. This closure is effective from April 1, 2026, and will remain in force until 48 hours after the audited standalone financial results are approved by the board and filed with the stock exchanges.
The intimation was addressed to the Department of Corporate Service at BSE Limited and the Manager of the Listing Department at the National Stock Exchange of India Limited. The company’s scrip code on the BSE is 532604, and it trades under the symbol SALSTEEL on the NSE.
