S.A.L. Steel Limited Secures ₹150 Crore Credit Facility from YES Bank

S.A.L. Steel Limited Secures ₹150 Crore Credit Facility from YES Bank​

S.A.L. Steel Limited announced on March 28, 2026, that its Board of Directors approved a borrowing of ₹150,00,00,000 (Rupees One Hundred Fifty Crore Only) from YES Bank Limited. The facility will be utilized for working capital requirements.

The borrowing is secured by a hypothecation on the company’s current assets and movable fixed assets, excluding those exclusively financed by other banks or financial institutions. Additionally, the facility is secured by an equitable mortgage on an industrial property located at Survey No. 245, Village Bharapar, Tal. Gandhidham, Kutch Dist., Gujarat.

Personal guarantees from Mahesh Kumar Agarwal and Kaustubh Agarwal, along with an unconditional corporate guarantee from Sree Metaliks Limited, are also in place for the duration of the facility. Mahesh Kumar Agarwal, Managing Director, has been authorized to accept the facility letter and execute related documents.

Board Authorizes Enhancement of Borrowing Limit​

The Board of Directors also approved a proposal seeking shareholder approval to enhance the company’s borrowing limit to a maximum of ₹2000 crores (Rupees Two Thousand Crore Only) in Indian Rupees. Subject to shareholder approval, the board has also authorized mortgaging and/or charging of properties for the same amount.

Authority Granted for Deed Amendment​

The board authorized Mahesh Kumar Agarwal, Managing Director and Chairman, Kaustubh Agarwal, Managing Director, and the Company Secretary to execute an amendment to the deed of hypothecation between the company and AIA Engineering Ltd.

Postal Ballot and Scrutinizer Appointment​

The Board approved a notice of postal ballot, designating March 27, 2026, as the cut-off date for voting rights. Kamlesh M. Shah of M/s. Kamlesh M. Shah, Practicing Company Secretaries, Ahmedabad, has been appointed as the scrutinizer for the e-voting process.

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