The company’s ‘fund-rasing committee’ has been delegated the powers to decide the structure, form of issuance, price, timing, terms and conditions thereof, and all other matters related or incidental thereto.
Meanwhile, the steel manufacturer announced that M. Mallikarjuna Rao has resigned as the interim chief financial officer (CFO), effective from 18 December 2024, but will continue as GM Account of the company.
The firm has appointed Brahmaiah Telaprolu, as the CFO and key managerial personnel with effect from 18 December 2024. Brahmaiah Telaprolu, a Chartered Accountant with over 30 years of experience, specializes in financial functions, accounting, consolidation, working capital management, taxation, fundraising, M&A, SAP/ERP implementation, IFRS/Ind AS, business planning, IPOs, project appraisals, compliance, and risk management.
Additionally, Steel Exchange India informed that its board has approved the slump sale of a non-core asset located at Kothapeta, East Godavari District, Andhra Pradesh, as part of its ongoing high-cost debt reduction plan.
The total consideration for the sale is Rs 50 crore; an advance of Rs 9 crore has been received, with the balance amount of Rs 41 crore payable on or before 31 March 2025, prior to the execution of the registered sale deed. The sale is expected to complete on or before 31 March, 2025, subject to regulatory, statutory, and other approvals, if any.
Steel Exchange India is primarily engaged in the manufacturing of TMT bars, apart from billets, ingots, and power generation. The company also deals in the sale and purchase of steel products through its trading division and is recognized as one of the largest dealers for Rashtriya Ispat Nigam.
The company reported a consolidated net profit of Rs 2.72 crore in Q2 FY25 as compared to a net loss of Rs 3.65 crore recorded in Q2 FY24. Net sales declined 3.3% YoY to Rs 260.57 crore in Q2 FY25.
Shares of Steel Exchange India fell 1.20% to Rs 10.70 on the BSE.