SAL Steel Limited Open Offer Deadline Extended to October 13

SAL Steel Limited’s underlying open-offer transaction has received a three-month extension from the Securities and Exchange Board of India, moving the completion deadline to October 13, 2026. The offer by Sree Metaliks Limited covers up to 3,76,39,342 shares, or 26% of SAL Steel’s expanded share capital, at ₹25 per share.

Why did SAL Steel’s open-offer transaction receive an extension?

SAL Steel’s open-offer transaction received an extension after Sree Metaliks sought regulatory approval to complete the share purchase agreement-linked transaction beyond its original deadline. SEBI granted the extension through its letter dated July 30, 2026, allowing the acquirer three additional months from the date of its application.

The original last date for completing the underlying transaction was June 15, 2026, under Regulation 22(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. According to the public notice, the deadline could not be met because of extraordinary and supervening circumstances beyond the acquirer’s control.

The stated delay specifically relates to the proposed acquisition of 1,95,00,000 sale shares under the Share Purchase Agreement, or SPA. The public notice does not provide further details on the circumstances that delayed the purchase of these shares. It confirms only that SEBI has approved additional time for completing the transaction contemplated under the SPA.

Vivro Financial Services Private Limited, acting as manager to the offer for Sree Metaliks, issued the public notice and submitted it to BSE Limited on August 4, 2026. The disclosure refers to SEBI’s letter bearing reference HO/49/12/18(4)2026-CFD-RAC-DCR1 dated July 30, 2026.

What are the terms of Sree Metaliks’ offer for SAL Steel shares?

Sree Metaliks has proposed to acquire up to 3,76,39,342 fully paid-up equity shares of SAL Steel through the open offer. The shares represent 26% of SAL Steel’s expanded share capital, and the stated offer price is ₹25 for each equity share with a face value of ₹10.

At full acceptance, the offer would require about ₹94.10 crore, based on the stated number of shares and offer price. Earlier open-offer information cited a total fund requirement of about ₹94.09 crore, which reflects the same rounded transaction size. The public notice on the extension does not revise the ₹25-per-share offer price or the maximum share quantity.

The acquisition is governed by the takeover regulations, including provisions cited in the earlier detailed public statement under Regulations 3(1) and 4 of the SEBI SAST Regulations. SAL Steel is engaged in the manufacture of stainless-steel products, making the proposed transaction relevant to the company’s ownership and control structure.

What is the revised timeline for the SAL Steel transaction?

The revised deadline for completing the transaction underlying SAL Steel’s open offer is October 13, 2026. This replaces the June 15, 2026 deadline that applied before SEBI granted the extension requested by Sree Metaliks.

The regulatory sequence began with SEBI’s extension letter on July 30, 2026. Vivro Financial Services then submitted the related public notice to BSE on August 4, 2026. The notice was published to inform shareholders and the market of the extension granted for the SPA-linked transaction.

The filing does not set out a detailed revised calendar for other offer stages, such as a new tendering-period opening or closing date. It also does not identify the status of any other approvals that may be relevant to completing the SPA. Investors therefore have a confirmed deadline for the underlying transaction, but not an itemised schedule for every remaining open-offer activity.

How does the extension affect SAL Steel shareholders and investors?

The extension gives Sree Metaliks additional time to complete the transaction that triggered its obligation to make an open offer for SAL Steel shares. For shareholders, the disclosed offer terms remain an offer price of ₹25 per share for up to 26% of the expanded share capital, subject to the process proceeding under the applicable regulations.

The announcement does not contain a new share-price movement, financial result, production update, or change in SAL Steel’s business operations. It is a procedural disclosure concerning the timeline of a pending acquisition. As a result, the direct confirmed effect is the later deadline for completing the underlying share purchase transaction.

Earlier offer disclosures stated that the offer could result in Sree Metaliks holding up to 70.98% after the acquisition and open offer, with a potential increase to 96.98% depending on acceptance and the structure described in those disclosures. The extension notice itself does not provide an updated post-offer shareholding calculation, so investors should treat the earlier figures as previously disclosed terms rather than a newly confirmed ownership outcome.

What regulatory context applies to the delayed transaction?

The extension was granted under Regulation 22(3) of the SEBI SAST Regulations, which addresses the completion timeline for an agreement that triggers an open offer. The public notice states that the extension is for completing the underlying transaction as contemplated under the SPA, rather than presenting it as a change to the core open-offer terms.

A mandatory open offer is an important shareholder-protection mechanism when an acquisition triggers the thresholds set by the takeover regulations. It gives eligible public shareholders an opportunity to tender shares at the disclosed offer price, subject to the terms and timetable established through the regulated process.

For SAL Steel, the key regulatory issue is now execution within the extended period ending October 13, 2026. The public notice records SEBI’s approval but leaves some operational matters unresolved in the public disclosure, including a detailed revised schedule for subsequent offer stages. Any additional announcement on completion of the SPA or a revised offer calendar would therefore be material for shareholders following the transaction.

Conclusion

SEBI’s decision extends the deadline for Sree Metaliks to complete the transaction underlying its open offer for SAL Steel from June 15, 2026 to October 13, 2026. The offer continues to cover up to 3,76,39,342 shares, equal to 26% of expanded capital, at ₹25 per share, while the stated reason for the delay is circumstances beyond the acquirer’s control related to the SPA sale shares.

The next disclosed milestone is October 13, 2026, the revised deadline for the underlying transaction. Investors should monitor exchange filings for confirmation of the SPA’s completion and for any updated timetable covering the remaining open-offer process.