Steelman Telecom has announced a board meeting.

Its subsidiary, EC Wheels India Pvt Limited, engaged in electric passenger vehicles, has raised Rs. 55.17 lakh by issuing 35,142 Pre-Series A Compulsorily Convertible Preference Shares at Rs. 157 each.

This capital infusion supports EC Wheels’ expansion plans but dilutes Steelman Telecom’s stake slightly from 50.22% to about 50.08%. The ongoing fundraise through convertible preference shares is causing fluctuations in shareholding.

This move reflects EC Wheels’ growth focus and impacts Steelman Telecom’s holding in the subsidiary.