ISMT Limited entered into share subscription agreement to issue 154,000,000 shares at the price of INR 30.95 per share for gross proceeds of INR 4,766,300,000 on November 25, 2021. The transaction will include participation from new investor Kirloskar Ferrous Industries Limited which will acquire 51.25% stake through preferential allotment. The face value of the shares is INR 5 per share.

The transaction is subject to statutory and regulatory approval including Competition Commission of India, Securities and Exchange Board of India, company and investor's shareholder meeting, lenders, and execution of one-time settlement between company, lenders, and promoters. The transaction is expected to close in the last quarter of financial year 2021-2022.