The company also allotted 14.10 lakh equity shares on conversion of 2,82,97,870 existing warrants following receipt of balance subscription money aggregating to Rs 29.92 crore.

Commenting on the update, the management of Steel Exchange India said: “ The warrant allotment and subsequent conversion represent a strategic step in strengthening our capital base and enhancing financial flexibility. This positions us well to scale operations, improve supply chain efficiencies and pursue growth opportunities across the steel value chain, while continuing to build long-term value.”