Olympian Finvest acquires 12.4% stake in Nova Iron & Steel for Rs 11 per share

What Nova Iron & Steel announced

On 6 July 2026, Nova Iron & Steel Ltd (BSE: 513566) disclosed that Olympian Finvest Private Limited had acquired a substantial block of its equity shares. The transaction involved the transfer of 4,479,675 shares, equivalent to 12.40% of the diluted share capital, at a price of Rs 11 per share. The acquisition was carried out under the exemption provided by SEBI’s Substantial Acquisition of Shares & Takeovers (SAST) Regulations, 2011, specifically Regulation 10(1)(a)(iv).

Details of the share transfer

• Acquirer: Olympian Finvest Private Limited (registered office: 78, Industrial Area Phase‑1, Chandigarh).
• Target: Nova Iron & Steel Ltd, listed on BSE (code 513566).
• Number of shares acquired: 4,479,675.
• Percentage of diluted share capital: 12.40% (post‑transaction holding of 12.66%).
• Purchase price: Rs 11 per share, amounting to roughly Rs 49.3 crore.
• Acquisition dates: 30 June 2026, 3 July 2026 and 6 July 2026.
• Sellers: Reward Capital Services Pvt. Ltd., Rockland Steel Trading Pvt. Ltd., and Shivalikview Steel Trading Pvt. Ltd., all members of the promoter group.

The three sellers collectively transferred their entire holdings – 4,291,675 shares from Reward Capital Services (11.88% of total capital) and 94,000 shares each from Rockland Steel Trading and Shivalikview Steel Trading (each 0.26%) – to Olympian Finvest. Consequently, the sellers’ post‑transaction holdings are reduced to zero.

Regulatory framework and compliance

The acquisition falls under Regulation 10(1)(a)(iv) of the SEBI SAST Regulations, which exempts the acquirer from making a mandatory open offer because the transaction is a restructuring among promoters and promoter groups. The acquirer complied with the disclosure obligations:

• Regulation 10(5) required prior notice of the intended acquisition; the notice was filed on 20 June 2026.
• Regulation 10(6) mandates reporting the acquisition to the stock exchange after completion; the report was submitted on 6 July 2026. Both disclosures were made within the timelines prescribed by the regulations.

Key facts at a glance

Why this matters for investors

The transaction represents a significant reshuffling of promoter shareholdings in Nova Iron & Steel. By consolidating a 12‑plus percent stake under Olympian Finvest, the promoter group may achieve greater coordination in strategic decisions, voting power, and future capital‑raising activities. Because the acquisition is exempt from a mandatory open offer, there is no immediate dilution for existing minority shareholders beyond the change in promoter composition. However, the increased concentration of shares with a single promoter entity could affect board dynamics and future related‑party transactions. Investors should monitor any subsequent disclosures that may indicate further promoter actions or capital restructuring.

Conclusion

Olympian Finvest Private Ltd has successfully acquired 4.48 million shares of Nova Iron & Steel Ltd, amounting to a 12.40% stake, at Rs 11 per share. The acquisition complies with SEBI’s SAST regulations and was disclosed in a timely manner. While the deal reshapes the promoter shareholding pattern, no open offer was triggered, and the transaction does not directly alter the equity base for public shareholders. Future filings will reveal whether additional promoter‑driven restructurings are planned.

"The transfer of 4,479,675 shares to Olympian Finvest is part of a promoter‑group restructuring, exempt from an open offer under SEBI Regulation 10(1)(a)(iv)." – Disclosure letter, 6 July 2026