Steel Exchange India promoters create share encumbrance for NCDs

The promoter and promoter group of Steel Exchange India Limited have disclosed the creation of an encumbrance in the form of a non-disposal undertaking on their equity shares, effective October 20, 2025. This disclosure affects 63,35,95,550 shares, representing 50.80% of the company's total share capital.

The encumbrance, which accounts for 99.95% of the total promoter shareholding, is in favor of Vistra ITCL (India) Limited (debenture trustee on behalf of Kotak Mahindra Asset Management Company Limited). It relates to 3828 listed, rated, redeemable NCDs with a face value of INR 518700 issued by Steel Exchange India Limited.

This undertaking restricts the promoter and promoter group from diluting their stake in the company, except for permitted equity events and outstanding warrants, without prior written approval from the debenture trustee. The affected shares include holdings from individuals like Bavinini Jyothi Kiran and Satish Kumar Bandi, and entities like Umashiv Garments Private Ltd and Vizag Profiles Private Limited.