EGM Details

The Extraordinary General Meeting of Aanchal Ispat Limited is scheduled to be held on Thursday, July 23, 2026 at 1:30 PM through Video Conference (VC)/Other Audio Visual Means (OAVM) in accordance with relevant circulars issued by the Ministry of Corporate Affairs and SEBI.

Book Closure

The Register of Members & Share Transfer Books of the Company will remain closed from Friday, July 17, 2026 to Thursday, July 23, 2026 (both days inclusive) for the purpose of the EGM.

E-Voting Details

The e-voting period commences on Monday, July 20, 2026 at 10:00 AM (IST) and ends on Wednesday, July 22, 2026 at 5:00 PM (IST). Members holding shares in physical or dematerialized form as on cut-off date of Thursday, July 16, 2026 will be entitled for e-voting.

Special Business Resolutions

Resolution 1: Alteration of Articles of Association

To consider and pass a special resolution to alter the Articles of Association by inserting new Article 14(3) after existing Article 14(2) to authorize the Company to issue, offer and allot warrants, convertible securities, share warrants, compulsorily or optionally convertible debentures, compulsorily or optionally convertible preference shares, or any other securities convertible into or exchangeable for Equity Shares of the Company.

Resolution 2: Preferential Issue of Fully Convertible Warrants

To consider and pass a special resolution for issuance of up to 10,55,000 (Ten Lakh Fifty-Five Thousand) fully convertible warrants ("Warrants") each convertible into one fully paid-up equity share of face value of ₹10 each at a price of ₹82 per warrant (₹10 face value + ₹72 premium), aggregating up to ₹8,65,10,000 (Rupees Eight Crores Sixty-Five Lakhs and Ten Thousand Only) to Mukesh Goel (Promoter) on preferential basis.

Key Terms of Warrant Issue

  • Warrants convertible into equity shares at option of allottee within maximum period of 18 months from date of allotment
  • 25% of warrant issue price (₹20.50 per warrant) payable upfront along with application
  • Balance 75% (₹61.50 per warrant) payable on exercise of conversion option
  • If conversion option not exercised within 18 months, warrants shall lapse and upfront consideration shall be forfeited
  • Equity shares arising from conversion shall rank pari-passu with existing equity shares
  • Warrants and resultant equity shares subject to lock-in as per SEBI ICDR Regulations
  • Relevant date for determining floor price: June 23, 2026

Utilization of Proceeds

The gross proceeds of up to ₹865.10 lakhs are proposed to be utilized as follows:

  • Up to ₹852.92 lakhs: Meeting payment obligations under NCLT-approved Resolution Plan, including settlement/payment of dues of secured financial creditors
  • Up to ₹12.18 lakhs: Expenses related to preferential allotment

The entire net proceeds shall be utilized towards implementation of the approved Resolution Plan with no portion utilized for general corporate purposes.

Background Context

The Hon'ble National Company Law Tribunal, Kolkata Bench (NCLT) admitted the Company into Corporate Insolvency Resolution Process (CIRP) under IBC vide order dated September 12, 2024. The Resolution Plan submitted by Mukesh Goel (Successful Resolution Applicant) was approved by Committee of Creditors with 100% voting share and subsequently approved by NCLT vide order dated March 27, 2025. Against admitted claims aggregating to approximately ₹222,365.94 lakhs, the resolution amount payable under the Approved Resolution Plan aggregates to ₹25,450 lakhs.

Shareholding Impact

Pre-issue promoter holding: 21,24,998 shares (50.20%)

Post-issue promoter holding (assuming full conversion): 31,79,998 shares (60.13%)

Total shares post-issue: 52,88,331 shares