EGM Details

An Extraordinary General Meeting (EGM) of MSP Steel & Power Limited is scheduled to be held on Tuesday, July 14, 2026, at 03:00 p.m. (IST) through Video Conferencing (VC)/ Other Audio-Visual Means (OAVM).

The notice for this meeting was sent to shareholders via email on June 22, 2026.

The facility for remote e-voting on the resolution will be available. The e-voting period will commence on Saturday, July 11, 2026, at 09:00 a.m. and will end on Monday, July 13, 2026, at 05:00 p.m.

The record date (cut-off date) for determining members eligible to vote is July 7, 2026.

Business to be Transacted

Item No. 1: SPECIAL BUSINESS - Variation in the Objects relating to utilisation of funds from Preferential Issue.

A special resolution is proposed to seek member approval for a variation in the objects of the unutilized/balance proceeds from a preferential issue of convertible warrants.

Background of the Preferential Issue

Pursuant to a special resolution passed at an EGM held on December 12, 2025, the company had approved the issuance of 2,80,00,000 convertible warrants to M.A. Hire Purchase Private Limited (a promoter group entity).

Each warrant carries a right to subscribe to one equity share of face value ₹10 each. The issue price was set at ₹35 per warrant (including a premium of ₹25 per warrant), aggregating to ₹98 crore.

The warrants were allotted on March 14, 2026, upon receipt of 25% of the issue price (₹24.50 crore). The balance 75% (₹73.50 crore) is receivable upon the exercise of these warrants within 18 months from the date of allotment.

Original Objects and Utilisation Status

The original plan for utilizing the ₹98 crore proceeds was as follows:

| Sr. No. | Object | Original Plan (₹ Cr.) | Amount Utilized (₹ Cr.) | Balance for Variation (₹ Cr.) |

| 1 | Unsecured Debt Repayment | 75.00 | 1.50 | 73.50 |

| 2 | Payment for Restructuring Scheme (Right to Recompense) | 18.50 | 18.50 | Nil |

| 3 | General Corporate Purpose (Plant modernisation) | 4.50 | 4.50 | Nil |

| | Total | 98.00 | 24.50 | 73.50 |

Note on Object 2 (Right to Recompense): The company discharged this obligation of ₹18.50 crore from its current account on February 16, 2026, due to lenders' demand, prior to receiving the warrant money. Upon receipt of the upfront subscription (25%) on March 14, 2026, an equivalent amount was restored to the current account on March 16, 2026. Hence, this object is considered fully utilized.

Reason for Proposed Variation

The identified unsecured loan (Object 1) is required to be discharged earlier than the expected receipt of the balance 75% warrant consideration, pursuant to a request/demand from the lender.

Consequently, the company has decided to repay this loan from its internal accruals and working capital funds, subject to applicable approvals.

Therefore, the company no longer proposes to use the warrant proceeds for debt repayment and seeks to vary this object.

Proposed Variation

The Audit Committee reviewed and recommended this variation at its meeting on June 19, 2026, which was subsequently approved by the Board of Directors.

The proposal is to utilize the unutilized balance of ₹73.50 crore (from Object 1) for a revised purpose:

| Sr. No. | Revised Object | Amount (₹ Cr.) |

| 1 | Funding working capital requirements | 73.50 |

| | Total | 73.50 |

The utilization shall be made only after the receipt of the relevant warrant proceeds and is intended for working capital needs, including business operations, inventory, receivables, and raw material procurement.

The proposed time limit for achieving the revised object is within 12 months from the date of receipt of the warrant proceeds.

Key Conditions and Authorizations

The resolution authorizes the Board of Directors to:

  • Make necessary disclosures to stock exchanges under SEBI LODR Regulations 30 and 32.
  • File necessary forms and returns with the Registrar of Companies, stock exchanges, and other authorities.
  • Delegate these powers to any committee, director, or officer of the company.

Risk Factors

The disclosure highlights that working capital requirements are subject to variability based on business conditions, raw material prices, inventory cycles, market demand, and credit availability.

Interested Parties

None of the Directors or Key Managerial Personnel are concerned or interested in this resolution, except to the extent of their shareholding in the company or any association with the warrant allottee, M.A. Hire Purchase Private Limited.

The resolution does not alter the terms of the warrants (number, price, conversion ratio, tenure, lock-in, or allottee).

Voting and Attendance Instructions

The notice includes comprehensive instructions for shareholders to vote remotely via the NSDL e-Voting platform or to attend the virtual EGM. The attendance of members joining via VC/OAVM will be counted for quorum under Section 103 of the Companies Act, 2013.