MSP Steel & Power Limited successfully concluded its Extra-Ordinary General Meeting (EGM) on December 12, 2025, with shareholders overwhelmingly approving the special resolution for convertible warrant fundraising. The company has now submitted the voting results to stock exchanges, marking the completion of the regulatory approval process for its preferential allotment plan.

Voting Results and Shareholder Response

The EGM, conducted through video conferencing at 3:00 PM IST, witnessed strong shareholder participation and support. Ms. Swati Bajaj of M/s. Bajaj Todi & Associates served as the scrutinizer for the voting process.

The remote e-voting facility remained open from December 9, 2025 (9:00 AM) to December 11, 2025 (5:00 PM IST), with the cut-off date for eligible voting set as December 5, 2025.

Fund Utilization Strategy

The approved convertible warrant issue will raise funds through preferential allotment on a private placement basis. The company had earlier issued a corrigendum on December 10, 2025, clarifying the fund utilization plan with specific allocations and timelines.

The unsecured debt repayment involves full or partial settlement of identified loans, while the restructuring scheme payment includes Right to Recompense (ROR) to enable the company's exit from the restructuring framework.

Warrant Allotment and Shareholding Impact

M.A. Hire Purchase Private Limited has been identified as the proposed allottee for the 2,80,00,000 convertible warrants. The ultimate beneficial owners include Mr. Saket Agrawal, Mr. Suresh Kumar Agrawal, and Mr. Pranay Agarwal from the promoter group.

The conversion of warrants will increase the promoter group's stake from 22.87% to 68.87%.

Implementation and Compliance

The company expects to receive the entire issue proceeds within 18 months from the warrant allotment date, in compliance with SEBI (ICDR) Regulations Chapter V. For general corporate purposes, funds will be utilized for modernization and maintenance of plant and machinery, including purchase, refurbishment, replacement, and repairs.

Pending deployment, unutilized proceeds will be invested in permissible short-term investments including government securities, money market instruments, and deposits with scheduled commercial banks. The voting results and scrutinizer's report are available on the company's website at www.mspsteel.com .

MSP Steel & Power Limited's promoter group entities have continued their relentless share acquisition campaign, purchasing an additional 10,72,000 equity shares during December 22-24, 2025. This marks the sixth wave of substantial purchases, bringing total acquisitions to over 88 lakh shares within an extended month-long buying spree that shows no signs of slowing.

Latest December Share Acquisitions (December 22-24)

The company disclosed fresh insider trading activities under SEBI regulations, with two promoter group entities making significant open market purchases during the December 22-24 period:

Comprehensive Six-Phase Acquisition Timeline

The promoter entities have now completed six intensive phases of share buying, demonstrating unprecedented commitment to the steel company:

Updated Post-Acquisition Holdings

Following the latest December purchases, the shareholding positions continue to reflect substantial increases across promoter entities. The updated holdings demonstrate the sustained commitment of multiple promoter group companies to increase their stake in MSP Steel & Power.

Market Implications and Strategic Outlook

The unprecedented buying activity by promoter entities, now totaling over 88 lakh shares within an extended month-long period, represents one of the most aggressive insider buying campaigns witnessed in recent times. The sustained acquisition pattern across multiple promoter entities demonstrates exceptional confidence in MSP Steel & Power's strategic direction and growth prospects.

The company's robust financial foundation supports this optimistic outlook:

This accelerating share acquisition pattern, conducted transparently through open market platforms and complying with SEBI's insider trading regulations, sends a strong positive signal about management's unwavering confidence in the steel company's future performance. The continuous buying across six distinct phases within such a concentrated timeframe underscores the promoters' strategic belief in the company's market positioning and long-term value creation potential.