MSP Steel & Power Limited has issued a corrigendum on December 10, 2025, modifying critical aspects of its Extra-Ordinary General Meeting (EGM) notice for the convertible warrant fundraising proposal. The EGM is scheduled for December 12, 2025, at 3:00 PM IST through video conferencing.

Fund Utilization Plan Modifications

The company has revised its fund utilization strategy for the proposed convertible warrant issue through preferential allotment on a private placement basis. The updated allocation plan provides specific amounts and timelines for each objective:

The unsecured debt repayment involves full or partial repayment of certain identified unsecured loans availed by the company. The restructuring scheme payment includes the Right to Recompense (ROR), which will enable the company to exit from the restructuring framework.

Warrant Allotment Details

The corrigendum clarifies the shareholding structure post-conversion of the proposed 2,80,00,000 convertible warrants. M.A. Hire Purchase Private Limited has been identified as the proposed allottee for this preferential issue.

Shareholding Impact

The conversion of warrants will significantly alter the company's shareholding pattern. The promoter group's stake will increase substantially upon full conversion:

Implementation Timeline

The company expects to receive the entire issue proceeds within 18 months from the date of warrant allotment, in compliance with SEBI (ICDR) Regulations Chapter V. The funds will be utilized in phases based on business requirements and availability of proceeds.

For general corporate purposes, the company plans modernization and maintenance of plant and machinery, including purchase, refurbishment, replacement, and repairs to ensure smooth manufacturing operations. The deployment timeline extends up to 18 months from receipt of funds.

Regulatory Compliance

Pending deployment of issue proceeds, the company will invest unutilized amounts in permissible short-term investments including government securities, money market instruments, deposits with scheduled commercial banks, and other investments in accordance with applicable laws and regulations.

The corrigendum forms an integral part of the original EGM notice dated November 14, 2025, which was circulated to members on November 17, 2025. The document will be uploaded on the company's website and stock exchange platforms, with newspaper publication scheduled for December 11, 2025.

MSP Steel & Power Limited's two promoter group entities have significantly increased their shareholdings through open market purchases, signaling confidence in the company's prospects.

Key Highlights

• Total Shares Acquired: 18,93,400 equity shares
• Acquisition Period: November 28 to December 1, 2025
• Acquiring Entities:
  1. Jaik Leasing Commercial Investment Limited
  2. Shree Vinay Finvest Private Limited

Detailed Breakdown of Share Acquisition

This strategic move by the promoter group entities comes at a time when MSP Steel & Power Limited has shown improvements in its financial position. According to the latest balance sheet data as of March 2025:

• Total Assets: ₹1,530.80 crore
• Shareholders' Capital: ₹976.00 crore
• Reserve & Surplus: ₹318.60 crore

The company has seen a significant improvement in its reserve and surplus position, which turned positive after being negative in the previous year. This turnaround, coupled with the promoters' increased stake, may indicate a positive outlook for the company's future performance.

Impact on Shareholding

While the exact post-acquisition shareholding percentages are not provided for all entities, Jaik Leasing Commercial Investment Limited's holding increased from 5.82% to 5.92% following their purchase.

Market Implications

The substantial share acquisition by promoter group entities often signals confidence in a company's future prospects. For MSP Steel & Power, this move could be interpreted as a positive indicator by the market, potentially influencing investor sentiment and stock performance.

Investors and market analysts will likely keep a close watch on MSP Steel & Power's future financial performance and any further changes in promoter shareholding patterns. As always, stakeholders are advised to conduct their own research and consider multiple factors before making investment decisions.

Note: All financial figures are based on the standalone balance sheet data as of March 2025.