Steel Exchange India converts 8.04 crore warrants into equity

Steel Exchange India Limited converted 8,04,23,279 non-promoter warrants into equity shares on November 4, 2026, taking paid-up share capital to Rs 135.5941691 crore from Rs 127.5518412 crore, while 23,70,37,021 warrants remained available for conversion by India Coke and Power Private Limited and IMR Steel Private Limited.

How many warrants did Steel Exchange India convert?

Steel Exchange India approved the conversion and allotment of 8,04,23,279 warrants into an equal number of equity shares at its November 4, 2026 board meeting. The equity shares have a face value of Rs 1 each and were issued at Rs 9.45 per share, including a securities premium of Rs 8.45 per share.

The conversion followed requests from the two non-promoter warrant holders and the receipt of the balance 75% of the issue price for the warrants proposed for conversion. Steel Exchange India said the 8,04,23,279 warrants were part of 31,74,60,300 warrants initially issued on a preferential basis, as referenced in its April 20, 2026 intimation.

Who holds Steel Exchange India’s remaining warrants?

India Coke and Power Private Limited held 9,24,16,218 outstanding warrants after converting 6,63,13,932 warrants on November 4, 2026. It had originally received 15,87,30,150 warrants, so its completed conversion covered a larger portion of its allotment than that of the other holder.

IMR Steel Private Limited retained 14,46,20,803 warrants after converting 1,41,09,347 warrants from its original allotment of 15,87,30,150. The two non-promoter entities together retained 23,70,37,021 warrants, compared with 8,04,23,279 converted in this allotment, meaning most of the preferential warrants had not yet been converted.

How did the conversion change Steel Exchange India’s capital?

Steel Exchange India’s issued, subscribed and paid-up share capital rose by Rs 8.0423279 crore to Rs 135.5941691 crore from Rs 127.5518412 crore. The increase matches the Rs 1 face value of each of the 8,04,23,279 equity shares allotted against the converted warrants.

Steel Exchange India’s post-allotment capital comprises 1,35,59,41,691 equity shares of Rs 1 each, up from 1,27,55,18,412 shares before the allotment. The company said the new shares would be issued in dematerialised form and rank pari passu, or equally in all respects, with its existing equity shares.

What did Steel Exchange India report for the September quarter?

Steel Exchange India reported standalone revenue from operations of Rs 343.1575 crore for the quarter ended September 30, 2026, compared with Rs 269.7139 crore in the preceding quarter ended June 30, 2026 and Rs 231.763 crore in the quarter ended September 30, 2025. Profit before tax was Rs 17.6234 crore, versus Rs 15.0256 crore sequentially and Rs 2.1128 crore a year earlier.

Standalone net profit was Rs 17.6234 crore for the September 2026 quarter because the financial statement recorded no tax expense for that period. Finance costs declined to Rs 14.1143 crore from Rs 19.2772 crore a year earlier, while raw-material consumption increased to Rs 281.9934 crore from Rs 192.054 crore.

Which business segments contributed to Steel Exchange India’s quarter?

Steel Exchange India’s steel segment reported revenue of Rs 338.6802 crore before inter-segment eliminations in the September 2026 quarter, compared with Rs 226.8446 crore a year earlier. Segment profit before finance cost, exceptional items and tax was Rs 30.5616 crore, compared with Rs 21.7694 crore in the September 2025 quarter; the segment includes sponge iron, billets and rebars production and marketing.

The power segment reported revenue of Rs 28.8923 crore and a loss of Rs 0.344 crore before finance cost, exceptional items and tax, compared with Rs 23.905 crore of revenue and a Rs 0.872 crore loss a year earlier. Logistics revenue rose to Rs 1.5757 crore from Rs 0.5183 crore, while its segment profit increased to Rs 1.5202 crore from Rs 0.4926 crore; Steel Exchange India also disclosed a Rs 11.19 crore working-capital term loan under the Emergency Credit Line Guarantee Scheme, sanctioned by Kotak Mahindra Bank on July 20, 2026.

Conclusion

Steel Exchange India’s November 4, 2026 allotment added 8,04,23,279 equity shares and increased paid-up capital by Rs 8.0423279 crore. India Coke and Power Private Limited accounted for 6,63,13,932 converted warrants, while IMR Steel Private Limited accounted for 1,41,09,347, leaving the latter with the larger outstanding balance of 14,46,20,803 warrants.

The next disclosed matter to watch is whether the two holders submit further requests to convert the remaining 23,70,37,021 warrants at the stated issue price of Rs 9.45 per share. Steel Exchange India also said SEIL Infra Logistics Limited, its wholly owned subsidiary incorporated on June 29, 2025, had not commenced commercial operations as of September 30, 2026 despite a further Rs 5 lakh investment during the quarter.