Magnus Steel & Infra Ltd has postponed the meeting of its Rights Issue Committee, which was scheduled for July 21, 2026. The delay is due to the pending in-principle approval from the stock exchange regarding the company's proposed rights issue. The committee will now convene within the next working day following the receipt of the necessary approval letter from the exchange.

The board of directors had previously approved raising up to ₹40 crore through a rights issue of equity shares during its meeting on July 15, 2026. The Rights Issue Committee was constituted to consider and approve critical parameters such as the record date, issue price, entitlement ratio, and other terms and conditions for the issuance. The funds are intended to augment the company's financial resources through the issuance of equity shares with a face value of ₹10 each to eligible shareholders.

Key Meeting Details

Rights Issue Parameters

Magnus Steel & Infra Ltd has appointed Karronn Bajaj as Managing Director effective July 8, 2026, subject to the approval of members. The Board accepted the resignations of Managing Director Chinmay Pradhan, Additional Executive Director Prakash Salve, and Non-Executive Independent Director Aarti Singh, all effective from the close of business hours on July 8, 2026. The company confirmed that the composition of its Board and committees continues to comply with applicable laws following these departures.

The Board meeting, held on July 8, 2026, approved the changes based on the recommendations of the Nomination and Remuneration Committee. Chinmay Pradhan resigned due to increased professional and personal commitments, while Prakash Salve and Aarti Singh cited personal commitments for their respective resignations. The company stated there were no material reasons for the resignations other than those provided in their resignation letters.

Karronn Bajaj, who was previously a Director, brings over nine years of experience in steel trading and manufacturing. He has been a director of Bajaj Tabular Products Pvt Ltd since 2015. The company disclosed that Bajaj holds 7,54,733 shares and is the brother of Aditya Bajaj and son of Naresh Bajaj, both associated with the company.

Pursuant to the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board reconstituted its key committees with immediate effect. Ms. Kunal Sorathia was appointed Chairperson of the Audit Committee, while Ms. Priya Gupta will chair the Nomination and Remuneration Committee. Ms. Naresh Bajaj was named Chairperson of the Stakeholders Relationship Committee.

The reconstituted committees include the following members: