Nova Iron & Steel

Nova Iron & Steel Ltd received a fresh provisional attachment order from the Enforcement Directorate on 8 July 2026, seizing immovable properties worth ₹6.56 crore and 21.21% of its equity shares held by three promoter group entities valued at ₹10.10 crore. The total attachment of ₹16.66 crore follows an earlier order in June 2026 that attached ₹7.53 crore of assets, intensifying the company's involvement in an alleged ₹47,204 crore bank fraud at Bhushan Power & Steel. The ED claims that funds of about ₹201 crore were wrongfully transferred to Nova Iron & Steel, and the attached assets are proceeds of crime. The company said it is evaluating the order and will take appropriate legal steps, while maintaining that day-to-day operations are not materially affected.

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Nova Iron & Steel Limited received a provisional attachment order from the Directorate of Enforcement on June 25, 2026, seizing immovable properties worth ₹1.11 crore and shares held by four promoter‑group entities valued at ₹6.43 crore, totalling ₹7.54 crore. The order, issued under the Prevention of Money Laundering Act, stems from an investigation into alleged money laundering at Bhushan Power & Steel Ltd, where promoters are accused of siphoning bank loans. The ED claims that ₹201 crore of loan funds were wrongfully transferred to Nova Iron & Steel between 2011 and 2018, treating the attached assets as proceeds of crime. The company said it is reviewing the order and will take appropriate legal steps, adding that the attachment does not materially affect its day‑to‑day operations.

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Aromatic Steel Private Limited, a promoter group entity of Nova Iron & Steel, has proposed to acquire 33.31 lakh equity shares (9.22% stake) from fellow promoter group entity Nilanchal Investments Private Limited for ₹3.66 crore, the company said in a stock exchange filing. The transaction, priced at ₹11 per share, is scheduled to close on or after June 26, 2026, and is exempt from the open offer requirement under SEBI's takeover code. Aromatic Steel's holding will rise from 9.46% to 18.67%, while the total promoter group stake will increase from 34.94% to 44.16%. Nova Iron & Steel, which has a market capitalisation of about ₹45 crore, is currently undergoing insolvency proceedings.

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Vintage Steel Private Limited and Titanic Steel Industries Private Limited have acquired a 9.06% stake in Nova Iron & Steel from promoter Aniket Singal for ₹3.6 crore, the companies said in a stock exchange filing. The transaction, executed at ₹11 per share, raises the acquirers' combined holding from 3.48% to 12.55% and reduces Mr Singal's stake to zero. The transfer, completed under an exemption from the open offer requirement, is part of a restructuring among the promoter group. Nova Iron & Steel, which has a market capitalisation of about ₹42 crore, is currently undergoing insolvency proceedings.

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Aug 14 (Reuters) - Nova Iron and Steel Ltd NIST.BO:

• INDIA'S NOVA IRON AND STEEL LTD JUNE-QUARTER NET PAT 18.2 MILLION RUPEES VERSUS PROFIT 20.8 MILLION RUPEES

• NOVA IRON AND STEEL LTD JUNE-QUARTER REVENUE FROM OPERATIONS 1.82 BILLION RUPEES VERSUS 1.86 BILLION RUPEES

Source text for Eikon: ID:nBSE8pKfdP

Further company coverage: NIST.BO

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July 12 (Reuters) - Nova Iron and Steel Ltd NIST.BO:

• PLANT HAS BEEN STARTED FROM WEDNESDAY AFTER TEMPORARY SHUTDOWN

Source text for Eikon: ID:nBSE4xl381

Further company coverage: NIST.BO

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June 30 (Reuters) - Nova Iron and Steel Ltd NIST.BO:

• APPOINTS BIRENDER BHARDWAJ AS CHIEF FINANCIAL OFFICER

Source text for Eikon: ID:nBSE1n7G7n

Further company coverage: NIST.BO

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