Bajaj Steel Industries Limited has disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that its Board of Directors, at a meeting held on May 27, 2026, approved the proposal for winding up of its wholly owned subsidiary Bajaj Steel Industries (U) Limited, which is incorporated in Uganda.
The approval is subject to compliance with applicable laws and regulatory requirements in Uganda. The disclosure includes Annexure-A providing details as required under SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Key Details from Annexure-A:
Financial Contribution: The contribution of the subsidiary to the turnover and net worth of the Company is not material.
Timeline: The closure is subject to completion of applicable legal and regulatory formalities in Uganda. No specific date or estimated time of closure is provided.
Reasons for Closure: The subsidiary has been incurring continuous losses over the past few years. Considering the present financial position, operational requirements, commercial viability, and administrative feasibility, continuation of the operations is no longer financially feasible and commercially viable for the Company.
Impact on Listed Entity: The winding up of the subsidiary is not expected to have any material adverse impact on the operations or financials of the Company.
Transaction Details: No binding agreement was entered for sale of the unit/division. No consideration was received from the closure. The transaction does not involve any buyers and does not constitute a related party transaction. The closure does not involve any scheme of arrangement.