Description

Sree Metaliks Limited to conduct takeover offer of up to 3.76 crore equity shares of SAL Steel Limited at Rs. 25 per share through NSE's web-based bidding platform from November 28 to December 11, 2025.

Summary

Sree Metaliks Limited is conducting a takeover offer for SAL Steel Limited through NSE’s web-based bidding platform. The offer allows acquisition of up to 3,76,39,342 equity shares at a fixed price of Rs. 25 per share. The bidding period runs from November 28, 2025 to December 11, 2025, with specific timing windows for bid submission and custodial confirmation.

Key Points

  • Acquirer: Sree Metaliks Limited
  • Target Company: SAL Steel Limited (Symbol: SALSTEEL)
  • Offer Size: Up to 3,76,39,342 equity shares
  • Offer Price: Rs. 25 per share (fixed price)
  • Face Value: Re. 10 per share
  • Lot Size: 1 equity share
  • ISIN: INE658G01014
  • Merchant Banker: Vivro Financial Services Private Limited
  • Registrar: KFin Technologies Limited
  • Platform: NSE web-based bidding platform at https://eipo.nseindia.com
  • Order Restrictions: Order modification (quantity) and cancellation NOT permitted

Regulatory Changes

No new regulatory changes. This offer follows the existing Tender Offer Scheme as per NSE circular NSE/CMTR/52776 dated June 29, 2022.

Compliance Requirements

For Trading Members:

  • All Capital Market segment trading members are eligible to participate
  • Members with existing web-based IPO bidding platform access can use their current user IDs
  • New members must log into admin terminal (User ID: Adminxxxxx where xxxxx is Member Code) to create branches and users
  • Members must facilitate bidding for eligible shareholders during the offer period

For Investors:

  • Eight investor categories eligible: FII, Mutual Funds, Insurance Companies, Banks & Financial Institutions, Other QIBs, Bodies Corporate, Individuals, and Other Non-Institutional Investors
  • Each category has designated status codes for bidding
  • Custodial confirmation required during specified time windows

Important Dates

  • Issue Period: November 28, 2025 to December 11, 2025
  • Bidding Time: 9:15 AM to 3:30 PM (daily)
  • Custodial Confirmation Time: 9:15 AM to 3:30 PM (daily)
  • Custodial Confirmation on Issue Closure Day: 9:15 AM to 4:00 PM (December 11, 2025)

Impact Assessment

Direct Impact:

  • SAL Steel Limited shareholders have opportunity to tender shares at Rs. 25 per share
  • Significant premium or discount depends on current market price (not disclosed in circular)
  • Potential change in ownership structure of SAL Steel Limited

Operational Impact:

  • Trading members need to ensure platform access and user credentials are configured
  • Members must support investor participation during the 14-day offer window
  • No order modification flexibility requires investors to be certain before bidding

Market Impact:

  • Limited to SAL Steel Limited shareholders and the acquirer
  • No broader market implications beyond this specific corporate action

Impact Justification

Corporate action affecting specific company shareholders. Limited broader market impact but significant for SAL Steel investors and the acquirer.