Saturday, July 13, 2024

Steel Exchange Proposes to Issue 12% Compulsorily Convertible Debentures

Steel Exchange India Ltd. has proposed to issue 12% Compulsorily Convertible Debentures to Vishwa Samudra Holdings Pvt. Ltd. Via preferential allotment, subject to Shareholders’ approval.

Earlier this year, Adani Ports and Special Economic Zones had announced acquisition of final 25% stake of Krishnapatnam port from Vishwa Samudra Holdings Pvt. Ltd
The company has also proposed to issue these 12% Compulsorily Convertible Debentures(CCD) to Vizag Profiles Pvt. Ltd which is a promoter group entity. Further, the company also proposes to issues convertible warrants to Umashiv Garments Pvt Ltd., which is also a promoter  group entity.

Shares of Steel Exchange India Ltd are currently trading at a Price Earnings (PE) of
Rs.5 only which makes it an Attractive Investment at current market price of Rs. 78.
Total CCD’sof Rs.170 crore are being offered and being subscibed by the leading
South India based Industrial Group.

Earlier, Steel Exchange India Ltd., announced Excellent results for the Quarter ended June 30, 2021. The total income had increased to ₹ 26313.88 lacs as against ₹ 9909.22 lacs during the same quarter in 2020. The net profit had jumped to ₹
797.87 lacs from ₹ 81.59 lacs. 

The Board had earlier decided that the company will manufacture Speciality steel
under PLI scheme announced by Govt of India by suitably revamping existing production facilities. This will aid the company in achieving higher EBIDTA and
profits in the future while contributing to an Atmanirbhar Bharat.

STEEL EXCHANGE INDIA LIMITED has been established in the field of iron and
steel manufacturing and is the largest private integrated steel plant in the Telugu
States. The company aims to grow as a quality steel product hub, increasing the
customer base and clientele organizations.

The Port based location and multimodal transport connectivity of the plant makes for
easy transportation of raw material and finished goods. State & National Highways
connect to Chennai, Hyderabad, Kolkata, Bhubaneshwar & Raipur. The Visakhapatnam & Gangavaram Ports and their allied logistics & container facilities
are in the vicinity. 

SEIL markets its Rebars under the ‘SIMHADRI’ brand name. The brand name has a
strong presence in Andhra Pradesh, Telangana, Tamil Nadu, Karnataka & Kerala.
The company has a diversified client list and distribution network. SEIL’s Fe 550D
and HSCRM grade Rebars have a reputation as high quality premium products.
The company’s marquee clients include Indian Railways, Military Engineering Services, NHAI, Shapoorji Pallonji, NCC, among many other public and private sector organizations

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