Board of Scan Steels approves allotment of preference shares to promoter group

At meeting held on 12 August 2015

Scan Steels announced that the Board of Directors of the Company at its meeting held on 12 August 2015, inter alia, have considered, adopted and approved the following:

1. Allotment of 1,28,49,605 (One Crore Twenty Eight Lakhs Forty Nine Thousand Six Hundred and Five Only) Non-cumulative Redeemable Preference Shares ("NCRPS") of Rs. 10/- (Rupees Ten) each at a premium of 30/- (Rupees Thirty) per NCRPS to Promoter Group (6,968,715 Non-cumulative Redeemable Preference Shares) and to General Investors not Forming part of Promoter Group (5,880,890 Non-cumulative Redeemable Preference Shares) for an aggregate amount of Rs. 51.39 crore in compliance with the provisions of Sections 42, 55 & 62, of Companies Act, 2013 ("Act") read with Companies (Share Capital & Debentures) Rules, 2014.

Post allotment the paid up share capital of the Company shall be:

- Rs. 44.35 crore divided in to 4,43,52,300 (Four Crore Forty Three Lakhs Fifty Two Thousand Three Hundred) Equity Shares of Rs. 10/- (Rupees Ten only) each.

- Rs. 12.84 crore divided in to 1,28,49,605 (One Crore Twenty Eight Lakhs Forty Nine Thousand Six Hundred and Five Only) Non-cumulative Redeemable Preference Shares ("NCRPS") of Rs. 10/- (Rupees Ten) each.

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