Steelman Telecom has informed that in furtherance of the disclosure dated December 27, 2023, January 19 ,2024, February 13, 2024, 15th June,2024, and 17th July,2024, 08th January, 2025, 14th January 2025, 28th February 2025, 12th March 2025 and 28th March 2025 and 09th April 2025 and 24th April 2025 EC Wheels India (EC Wheels), subsidiary of the Company, is engaged in the business of plying electric passenger vehicles and has been in the process of raising capital for growth and expansion. EC Wheels has reached out to additional prospective investors for this purpose. In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s), amendment(s) or re-enactment(s) thereof for the time being in force), EC Wheels has raised a further sum of Rs. 56,92,035 (Rupees Fifty-Six Lakhs Ninety-Two Thousand Thirty-Five only) from a group of investors against the allotment of 36,255 (Thirty-Six Thousand Two Hundred Fifty-Five) number of Pre-Series A Compulsorily Convertible Preference Shares (Pre-Series A CCPS) of Rs 10 each at a price of Rs 157 per share (including a premium of Rs 147 per share) as a subscription amount received from such investors. Consequently, the shareholding of the Company in EC Wheels has reduced from 50.51% to approximately 50.36%. EC Wheels India is currently undergoing an expansion phase.
The above information is a part of company’s filings submitted to BSE.
