Steel Exchange India Limited has received ₹75 crore from two entities of the Switzerland-headquartered IMR Group — India Coke and Power Private Limited and IMR Steel Private Limited — through subscription to convertible warrants under a preferential issue, the Visakhapatnam-based integrated steel maker disclosed to stock exchanges on Tuesday.

The receipt marks the first tranche of a larger fundraise. The company’s board had on March 4, 2026 approved raising up to ₹350 crore through convertible warrants on a preferential basis. The warrants are convertible into equity within 18 months from the date of allotment.

The company said the proceeds are intended to support operational efficiency, supply chain improvements, debt reduction, and access to global sourcing of key raw materials including metallurgical coke, coking coal, non-coking coal, and ferrous scrap — areas where IMR Group has established trade infrastructure across Indian ports.

IMR Group, which operates in over 17 countries, trades mineral resources for the steel and power sectors and has mining operations in Indonesia, South Africa, Mexico, and India. Its Indian trading arm, India Coke and Power Private Limited, already operates across major Indian ports and industrial centres. IMR Steel Private Limited is a dedicated investment vehicle focused on steel and related assets.

Steel Exchange India, part of the Vizag Profiles Group, manufactures TMT rebars under the SIMHADRI TMT brand from its integrated plant in Vizianagaram district, near Visakhapatnam.

The stock was trading at ₹9.86 on the NSE as of Tuesday morning, up about 1 per cent on the day, with a total market capitalisation of approximately ₹1,230 crore. The stock has gained over 33 per cent in the past month but remains well below its 52-week high of ₹11.55 touched in July 2025.

Published on April 21, 2026