Steel Exchange board OKs proposal to raise funds up to Rs 700 crore via equity route

Steel Exchange India said that its board has approved the proposal for raising of funds, in one or more tranches, by way of issuance of equity shares or equity-linked instruments for an aggregate amount not exceeding Rs 700 crore.

The Board has further delegated the powers to a Fund-Raising Committee constituted for this purpose, which shall have the authority to determine the structure, form of issuance, instrument, price, terms and conditions of the issue.

The amount of fund raise is nearly 62% of the companys full market capitalization, which currently stands at Rs 1,128.73 crore.

Steel Exchange India is primarily engaged in the manufacturing of TMT bars, apart from billets, ingots, and power generation. The company also deals in the sale and purchase of steel products through its trading division and is recognized as one of the largest dealers for Rashtriya Ispat Nigam.

The companys standalone net profit declined 22.43% to Rs 2.11 crore on a 11.22% fall in revenue to Rs 231.76 crore in Q2 FY26 as compared with Q2 FY25.

The scrip tumbled 4.03% to currently trade at Rs 9.05 on the BSE.

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