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.

Magnus Retail , formerly known as Magnus Steel and Infra Limited, has announced an extension to the closing date of its ongoing rights issue. This decision, made by the company's Rights Issue Committee, aims to provide shareholders with additional time to participate in the offering.

Key Details of the Rights Issue Extension

Rationale and Implications

The extension of the rights issue closing date by one week is intended to offer shareholders an extended opportunity to exercise their rights in the issue. This decision was made during a Rights Issue Committee meeting held on November 11, 2025.

Important Notes for Shareholders

1. The last date for submitting the duly filled Composite Application Form (CAF) along with the required payment remains Monday, November 10, 2025.
2. Eligible shareholders are advised to take note of the revised issue closure date of Friday, November 21, 2025.

Unchanged Aspects

The company has clarified that apart from the extension of the closing date and the resultant changes in the post-issue activity timeline, all other details in the Letter of Offer (LOF), Composite Application Form (CAF), and Additional Letter of Offer (ALOF) dated October 14, 2025, remain unchanged.

Company Background

Magnus Retail, operating under the ISIN INE898E01011, is headquartered at Unit No. 365, At/Post: Shirasgaon, Tal: Niphad, Dist: Nashik - 422001. The company, with CIN L24319MH1978PLC416753, is led by Managing Director & CEO Karronn Bajaj.

This extension in the rights issue timeline demonstrates the company's commitment to ensuring maximum participation from its shareholders in this capital-raising initiative.