Merger2 Sept 2026, 09:10 pm
MSP Steel Board Approves Draft Scheme of Arrangement
AI Summary
MSP Steel & Power Ltd's Board of Directors has approved the draft scheme of arrangement for the demerger of MSP Sponge Iron Limited's manufacturing business into MSP Steel. The scheme, subject to regulatory approvals, involves the transfer of MSP Sponge's undertaking to MSP Steel. The board also approved the Board's Report for FY25-26, the draft notice for the AGM scheduled for September 30, 2026, and the appointment of S K Agrawal and Co Chartered Accountants LLP as Internal Auditors and Mr. Sambhu Banerjee as Cost Auditor for FY26-27.
Key Highlights
- Board approves draft scheme for demerger of MSP Sponge Iron's business.
- Scheme involves transfer of manufacturing undertaking to MSP Steel.
- AGM scheduled for Sept 30, 2026, to seek shareholder approval.
- Internal and Cost Auditors appointed for FY26-27.
- Transaction is a related party transaction on an arm's length basis.
Price Impact
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