S.A.L. Steel Limited has announced the outcome of its Board Meeting held on December 28, 2025. The Board took note of the completed transfer of equity shares and warrants from Shah Alloys Limited and SAL Care Private Limited to Sree Metaliks Limited. This acquisition includes 1,07,56,989 equity shares from Shah Alloys Limited and 1,27,02,506 equity shares along with 48,00,000 warrants from SAL Care Private Limited. Following the successful completion of the Open Offer on December 11, 2025, where Sree Metaliks Limited acquired 2,704 additional equity shares, Sree Metaliks Limited has now gained sole control over S.A.L. Steel Limited and has been reclassified as a promoter. Furthermore, the Board approved the allotment of 48,00,000 equity shares to Sree Metaliks Limited upon the conversion of 48,00,000 warrants. These warrants were originally allotted to SAL Care Private Limited on June 29, 2024, at an issue price of ₹25 per warrant, with a premium of ₹15. Sree Metaliks Limited has paid the remaining 75% of the issue price, amounting to ₹18.75 per warrant, for the conversion. The total amount received for this conversion is ₹9,00,00,000. Consequent to this allotment, the issued, subscribed, and paid-up equity share capital of S.A.L. Steel Limited has increased to ₹109,01,67,000, comprising 10,19,16,700 equity shares of ₹10 face value each. These new shares will rank pari-passu with the existing equity shares. A total of 3,57,50,000 warrants remain pending for conversion, with holders entitled to convert them within 18 months from their allotment date.