Magnus Steel and Infra Limited announced a revised outcome of its board meeting held on December 22, 2025, correcting an inadvertent clerical error in the earlier intimation. The company submitted the revised outcome to BSE Limited to clarify key details regarding the previously approved preferential issue of equity shares worth ₹45.00 crores.

Corrected Valuer Appointment

The primary revision concerns the appointment of the registered valuer for the preferential issue. The company clarified that it has appointed M/s Atharva Valuation (OPC) Private Limited as the Registered Valuer (SFA) with Registration No.: IBBI/RV-E/03/2022/174, replacing the earlier mentioned director's name that was incorrectly stated as the valuer.

Issue Price Determination

The company confirmed that the issue price of equity shares will be determined in accordance with the valuation report issued by the appointed registered valuer. The pricing will comply with applicable provisions of the SEBI (ICDR) Regulations, 2018 and other applicable laws, ensuring regulatory compliance for the preferential allotment process.

Preferential Issue Details Remain Unchanged

All other terms and conditions mentioned in the earlier board meeting outcome remain unaltered. The preferential allotment continues to involve 4,50,00,000 equity shares of face value ₹10.00 each, totaling ₹45.00 crores, subject to shareholder and regulatory approvals.

The revised intimation was signed by Director Karrann Bajaj (DIN: 09375579) and submitted to BSE Limited under the company's scrip code 517320 and ISIN INE898E01011. The correction ensures accurate disclosure of the valuation process for the proposed preferential issue while maintaining transparency with regulatory authorities and stakeholders.

Magnus Steel and Infra Limited (formerly known as Magnus Retail Ltd) has announced the withdrawal of its proposed rights issue due to insufficient subscription. The decision was made by the company's Board of Directors at a meeting held on November 22, 2025.

Rights Issue Details

Reason for Withdrawal

The company cited non-receipt of minimum subscription as required under Regulation 86(2) of SEBI (Issue of Capital Disclosure Requirements) Regulations, 2018, as the primary reason for withdrawing the rights issue.

Next Steps for Investors

Magnus Steel and Infra Limited has initiated the process to instruct banks to unblock the amounts collected from investors. Shareholders whose funds have not been unblocked are advised to contact the Registrar to the issue, Bigshare Services Private Limited, at rightsissue@bigshareonline.com .

Company Information

The Board meeting discussing this matter commenced at 12:30 P.M. and concluded at 1:00 P.M. on November 22, 2025.

This development highlights the challenges companies may face in raising capital through rights issues, particularly in meeting minimum subscription requirements set by regulatory bodies. Investors in Magnus Steel and Infra Limited should monitor further communications from the company regarding the unblocking of funds.