By Our Correspondent
BHUBANESWAR: Steel and Mines Baron Mahesh Kumar Agarwal led Sree Metaliks Ltd acquired a 39.30 Percent stake in Gujarat based SAL Steel through a Preferential Allotment.
Sree Metaliks Ltd , which has mines and plants in Odisha including in Barbil and Angul has acquired a 39.30% stake in SAL Steel Ltd through a preferential allotment. The acquisition includes 1,92,50,000 equity shares at Rs. 18 per share, totaling Rs. 34.65 crores, and 3,57,50,000 convertible warrants at Rs. 18 each, valued at Rs. 64.35 crores.
The equity shares represent 13.57% of SAL Steel, while the warrants, convertible within 18 months, account for 25.34%. The transaction, completed on November 1, 2025, will lead to Sree Metaliks Ltd being classified as a promoter of SAL Steel after an open offer, with existing promoters losing their status.
Sree Metaliks Ltd has made a significant move in the steel industry by acquiring a 39.30% stake in SAL Steel through a preferential allotment. This strategic acquisition involves both equity shares and convertible warrants, potentially reshaping the ownership structure of SAL Steel.
This move by Sree Metaliks Ltd demonstrates the ongoing consolidation and strategic realignments within the Indian steel industry. The transaction’s structure, involving both immediate equity and future convertible warrants, provides Sree Metaliks with a significant influence in SAL Steel Ltd while offering flexibility in its investment approach.
SAL Steel Ltd , a prominent player in the steel industry, has disclosed a significant corporate action involving a substantial allotment of shares and warrants to Sree Metaliks Ltd. This development marks a notable change in the company’s capital structure and potentially its ownership dynamics.
