Description

BSE announces the outcome of the Reverse Book Building Process (RBBP) for the delisting of Orient Steel & Industries Ltd, conducted from April 2 to April 9, 2026, by promoter group acquirers.

Summary

BSE has disclosed the outcome of the Reverse Book Building Process (RBBP) for the delisting of Orient Steel & Industries Ltd. The process was conducted from April 2 to April 9, 2026, in accordance with Regulation 17(3) of the SEBI (Delisting of Equity Shares) Regulations. The outcome has been submitted by the Manager to the Delisting Offer, Intelligent Money Managers Private Limited, and is attached to the notice.

Key Points

  • The delisting offer targets up to 7,58,609 fully paid-up equity shares of face value Rs. 10/- each, representing 25.78% of total paid-up equity share capital
  • Acquirers are Nawal Kishore Rajgarhia, Nilesh Rajgarhia, and Nawal Investment Pvt. Ltd. — all members of the promoter and promoter group
  • The RBBP was open from Thursday, April 2, 2026 to Thursday, April 9, 2026
  • ABS Consultants Private Limited acted as Registrar to the Issue
  • Intelligent Money Managers Private Limited acted as Manager to the Delisting Offer
  • This notice is in continuation of Exchange Notice No. 20260330-8 dated March 30, 2026
  • The outcome has been disclosed in compliance with Regulation 17(3) of SEBI Delisting Regulations

Regulatory Changes

No new regulatory changes are introduced. This circular is an outcome disclosure mandated under Regulation 17(3) of the SEBI (Delisting of Equity Shares) Regulations, which requires the results of the Reverse Book Building Process to be publicly announced.

Compliance Requirements

  • The Manager to the Delisting Offer (Intelligent Money Managers Pvt. Ltd.) has submitted the outcome to the Exchange as required under SEBI Delisting Regulations
  • The Registrar (ABS Consultants Pvt. Ltd.) and Manager have analysed bid data received from BSE and disclosed the outcome accordingly
  • Further actions by acquirers will depend on whether the discovered price meets the floor price and whether the delisting is deemed successful per SEBI norms

Important Dates

  • March 30, 2026: Original Exchange notice (20260330-8) announcing the delisting offer
  • April 2, 2026: Opening of the Reverse Book Building Process
  • April 9, 2026: Closing of the Reverse Book Building Process; outcome announced

Impact Assessment

This circular has high impact on public shareholders of Orient Steel & Industries Ltd, who collectively hold 25.78% of the company’s equity. The outcome of the RBBP determines the discovered price and whether the delisting is successful. If successful, public shareholders will need to tender their shares at the discovered price; if unsuccessful, the company remains listed and trading continues normally. Investors holding positions in ORIENTSTEEL should review the attached outcome document for the discovered price and next steps.

Impact Justification

Delisting outcome directly affects all public shareholders holding 25.78% of Orient Steel & Industries Ltd equity, determining whether the company will be delisted from BSE.