MSP Steel & Power Limited has scheduled an Extra-Ordinary General Meeting (EGM) on July 14, 2026, to seek shareholder approval for varying the utilization of funds raised through a preferential issue of convertible warrants. The company proposes to redirect ₹73.50 crore, originally allocated for unsecured debt repayment, towards funding working capital requirements to support business operations and raw material procurement.

The Board of Directors, based on the recommendation of the Audit Committee, approved the proposal to vary the objects of the preferential issue. The company noted that the identified unsecured loan must be discharged earlier than the expected receipt of the balance warrant consideration, prompting the decision to repay the debt from internal accruals and banking lines instead of the warrant proceeds. The special resolution seeks authorization to utilize the unutilized balance for working capital needs.

The preferential issue involved the allotment of 2,80,00,000 convertible warrants to M.A. Hire Purchase Private Limited, a promoter group entity, on March 14, 2026. The total issue size was ₹98 crore, with ₹24.50 crore received as 25% of the issue price. The balance 75% is receivable upon the exercise of the warrants.

The EGM will be held through video conferencing and other audio-visual means. Remote e-voting will commence at 9:00 AM on July 11, 2026, and conclude at 5:00 PM on July 13, 2026. Shareholders recorded in the Register of Members as of July 7, 2026, are eligible to vote. M/s. Bajaj Todi & Associates has been appointed as the scrutinizer to oversee the voting process. The company has published advertisements regarding the e-voting information in the Business Standard and Arthik Lipi on June 23, 2026.

MSP Steel & Power Limited has entered into a Power Purchase Agreement (PPA) with Elevate Solar Energy Private Limited to procure 10MWp (DC) of solar power annually for a term of 25 years. The agreement, executed on June 18, 2026, establishes a tariff rate of ₹3.17 per unit and is structured under the Group Captive Open Access Permissions mechanism. This strategic move is aimed at optimizing energy costs and increasing the company's consumption of renewable energy sources.

The solar power generation facility is being developed by Elevate Solar Energy Private Limited in the Baloda Bazar District of Chhattisgarh. The project has an installed capacity of 70MWp (DC) or 50MW (AC), with a contracted capacity of 10MWp (DC) specifically earmarked for supply to MSP Steel & Power Limited for captive consumption.

As part of the arrangement, MSP Steel & Power will acquire a 26% shareholding in Elevate Solar Energy Private Limited. This equity stake corresponds to the company's contracted energy or quantity, subject to terms and conditions agreed upon in a Shareholders’ Agreement that is scheduled to be executed on a later date.

The agreement encompasses comprehensive operational terms, including the commissioning date, conditions precedent, billing and payment procedures, and obligations of both parties. It also outlines protocols for force majeure, events of default, termination, dispute resolution, and arbitration, alongside standard representations and warranties.

The transaction does not involve related parties, as confirmed in the regulatory filing. The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.