SAL Steel Secures ₹75 Crore Term Loan Facility from Kotak Mahindra Bank
S.A.L. Steel Limited's Board approved availing an additional Term Loan facility of ₹75 Crore from Kotak Mahindra Bank. This is alongside the renewal of ₹49 Crore working capital facilities. The funds will be used for part repayment of ICDs to AIA Engineering Limited.
The acquisition of a significant term loan facility and renewal of working capital lines indicates a positive development for the company's financial structure and operational capacity, impacting its ability to meet financial obligations and potentially fund growth.
The company has secured additional funding and renewed working capital facilities, which is generally positive for business operations and financial flexibility.
S.A.L. Steel Limited announced that its Board of Directors, in a meeting held on October 1, 2026, approved the availing of additional Term Loan facilities amounting to ₹75,00,00,000 (Rupees Seventy-Five Crore only) from Kotak Mahindra Bank Limited.
In conjunction with this, the company also approved the renewal of existing working capital facilities totaling ₹49,00,00,000 (Indian Rupees Forty-Nine Crore only). The aggregate facilities amount to ₹124,00,00,000. These sanctions are in accordance with the Bank's Sanction Letter dated September 29, 2026. The funds raised will be utilized for the part repayment of Inter-Corporate Deposits (ICDs) owed to AIA Engineering Limited.
The borrowing is secured by hypothecation on the company's current assets and all movable fixed assets (both present and future), excluding those exclusively financed by other banks or financial institutions. Additionally, it is secured by an equitable mortgage on the industrial property located at Survey No. 245, Village Bharapar, Tal. Gandhidham, Kutch District, Gujarat. The facility will also be supported by unconditional and irrevocable personal guarantees from Mahesh Kumar Agarwal and Kaustubh Agarwal, and a corporate guarantee from Sree Metaliks Limited, valid throughout the tenor of the facility.
The Board has further authorized Shri Kaustubh Agarwal (Managing Director), Rajesh Mangal (Non-executive and Non-Independent Director), and Shri Mahesh Kumar Agarwal (Chairman and Managing Director) to accept the facility letter, execute all necessary documents, deeds, and security creation, and make required filings with the Registrar of Companies and sub-registrars. The Board Meeting commenced at 11:00 hrs and concluded at 12:30 hrs.
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S.A.L. Steel Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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