Mega Nirman & Industries Limited has submitted a formal intimation to BSE Limited regarding the withdrawal of its proposed Rights Issue of equity shares.
The company had previously submitted an application along with a Draft Letter of Offer (DLOF) to BSE Limited for this fund-raising exercise. The decision to withdraw the application and DLOF was taken in view of a proposed review and reconsideration of the objects of the issue, the proposed utilisation of the proceeds, and the overall structure and terms of the proposed Rights Issue.
The Board of Directors may, in due course, reconsider and deliberate on the objects, utilisation of proceeds, and other relevant aspects of the proposed fundraising. A decision may be taken to undertake a Rights Issue afresh, which could include modifications or changes deemed necessary. Any such future issue would be subject to applicable laws and requisite regulatory approvals.
The company has committed to making appropriate disclosures to the stock exchange and informing its shareholders and other stakeholders once any decision is taken by the Board on this matter.
The letter is signed by Kanika Chawla, Company Secretary, and is dated September 17, 2026, from Delhi.