MSP Steel & Power Limited Board Approves Funds Utilization Variation Subject to Shareholder Ratification
The Board of Directors of MSP Steel & Power Limited approved a proposal regarding the variation in the objects for utilizing funds raised through the Preferential Issue of Convertible Warrants. This approval is subject to being ratified by the members of the Company at an upcoming Extra Ordinary General Meeting (EGM).A decision was made during the Board meeting held on June 19, 2026. The directors approved the notice of the EGM, which is scheduled for July 14, 2026, and will be conducted via video conferencing and other audio-visual means. This EGM aims to seek shareholder approval for the variation concerning the utilization of funds related to the preferential issue.
The meeting addressed several key items:
- Funds Utilization: The Board approved the proposal for varying the objects of funds raised through the Preferential Issue of Convertible Warrants, pending a Special Resolution at the EGM.
- Scrutinizer Appointment: Additionally, the Board approved the appointment of Swati Bajaj, Practicing Company Secretary (Membership No. 13866, Certificate of Practice No. 3502), to serve as the Scrutinizer for the EGM. This role involves scrutinizing the process of remote e-voting and voting through electronic means during the meeting in a fair and transparent manner.
Key details related to the EGM are summarized below:
| Prescribed Details | Resolution Proposed | Manner of Approval |
|---|---|---|
| Variation in objects relating to fund utilization | Special Resolution | Remote e-voting and e-voting during EGM |
The Board meeting commenced at 3:00 p.m. and concluded at 3:30 p.m., having considered other matters incidental and consequential to the business of MSP Steel & Power Limited.
MSPL Stock Price Movement
MSP Steel & Power Limited (MSPL) shares edged up to close at ₹44.32 today, rising by 5.00% from the previous session's close. The stock settled with a volume of 5.36 million shares in post-market trading.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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