Net loss of Vardhman Special Steels reported to Rs 3.17 crore in the quarter ended September 2019 as against net profit of Rs 7.07 crore during the previous quarter ended September 2018. Sales declined 28.32% to Rs 211.82 crore in the quarter ended September 2019 as against Rs 295.49 crore during the previous quarter ended September 2018.

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The Board of Vardhman Special Steels at its meeting held on 04 November 2019 has allotted 46,29,629 fully paid-up equity shares having a face value of Rs 10 per equity share to Aichi Steel Corporation ('ASC') at a price of Rs 108 per Share, aggregating to Rs 49.99 crore by way of preferential allotment on private placement basis. Pursuant to such allotment of Subscription Shares, ASC holds 11.46% of the share capital of the Company.

Consequently, the issued share capital of the Company stands increased to 4,03,94,502 equity shares having a face value of Rs 10 each.

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Vardhman Special Steels has entered into a letter agreement dated 02 November 2019 for amendment to the share subscription and investment agreement dated 10 August 2019 executed by the Company with Aichi Steel Corporation ('Amendment Agreement').

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Vardhman Special Steels will hold a meeting of the Board of Directors of the Company on 4 November 2019.

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