STEELXINDSteel Exchange India Ltd.
Steel Exchange India allots 8 crore shares on warrant conversion
- Capital raise
- steel
Reviewed byKeshav SehgalBlacklitt Research
Steel Exchange India (NSE: STEELXIND) approved the conversion of 8,04,23,279 warrants into equity shares of ₹1 face value and their allotment to warrant holders at ₹9.45 a share, it said in a filing on 04 Nov 2026. After allotment the company has 1,35,59,41,691 equity shares.
Key highlights
- Warrants converted: 8,04,23,279 of 31,74,60,300 issued
- Issue price: ₹9.45 per share, including ₹8.45 premium
- Balance 75% of issue price payable before conversion
- Warrants outstanding for conversion: 23,70,37,021
The conversion in numbers
| Item | Detail |
|---|---|
| Warrants converted | 8,04,23,279 into equity shares of ₹1 each |
| Warrant holders | India Coke and Power Private Limited; IMR Steel Private Limited (non-promoter group) |
| Issue price | ₹9.45 per equity share, including premium of ₹8.45 |
| Condition for conversion | Receipt of the balance 75% of the issue price on the warrants proposed to be converted |
| Warrants remaining | 23,70,37,021 |
| Equity shares after allotment | 1,35,59,41,691, pari passu with existing shares |
| Board meeting | 04 Nov 2026, 11.00 AM to 12:50 PM |
Conversion size and the balance payment
The Board approved conversion of 8,04,23,279 of the 31,74,60,300 warrants issued on a preferential basis, which is about 25.3% of the total. Conversion depends on receipt of the balance 75% of the issue price on the warrants being converted.
This is a calculation from the filing's terms; the filing does not state the amount received on conversion.
Split between the two holders and what remains
India Coke and Power Private Limited sought conversion of 6,63,13,932 of its 15,87,30,150 warrants, leaving 9,24,16,218. IMR Steel Private Limited sought conversion of 1,41,09,347 of its 15,87,30,150 warrants, leaving 14,46,20,803.
The company's Q2 results for the quarter and half year ended 30 Sep 2026 were approved at the same Board meeting, on a standalone and consolidated basis. The auditors' limited review reports are stated to carry unmodified opinions. Per Blacklitt's data, the company's market value was ₹1,365 crore at the 03 Nov 2026 close of ₹10.70 a share.
What the warrant conversion means for Steel Exchange India's shareholders
The company's issued and paid-up share capital rises from ₹1,27,55,18,412 to ₹1,35,59,41,691, through 1,35,59,41,691 equity shares of ₹1 each after allotment. The new shares will be issued in dematerialised form and rank equally with existing shares.
The filing does not state the total amount received on conversion, the reason the holders sought conversion now, or the date the new shares will be listed or start trading. The next step it sets out is the balance warrants still outstanding for conversion, 23,70,37,021.
Filed with NSE on . Reference: Original filing (PDF)
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