Vardhman Special Steels Limited — Others, 03-06-2025: Shareholders meeting

Vardhman Special Steels Limited has announced a board meeting to approve a preferential allotment of 14.77 million equity shares worth INR 384.91 Cr to Aichi Steel Corporation, Japan. The funds will be used to set up a greenfield steel plant in Ludhiana (INR 134.91 Cr), enhance capital expenditure at the existing plant (INR 100 Cr), and repay working capital borrowings (INR 150 Cr). Post-allotment, Aichi Steel will hold 24.90% equity without impacting company control. The company will amend its Articles of Association to include Aichi’s rights and seek shareholder approval for these changes through electronic voting at an Extra-Ordinary General Meeting.