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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board of Magnus Steel and Infra Ltd (formerly Magnus Retail Ltd) approved a preferential allotment of up to 4.5 crore equity shares at Rs 10 per share, aiming to raise Rs 45 crore in cash. All shares will go to four non-promoter allottees — Nautilus Private Capital Ltd (1 crore shares), MGO High Convection Fund (1 crore), BluCreek Real Estate Ltd (1.5 crore), and Manoj Sawant (1 crore). This will dramatically dilute promoter holding from 46.13% to just 3.22%, while public shareholding rises from 53.87% to 96.78%, giving the new allottees effective control of the company. The board also appointed Ms. Kshipra Bansal as Company Secretary and Compliance Officer, appointed a Registered Valuer for the share valuation, approved an EOGM notice for shareholder approval, and approved shifting the registered office from Nashik to Pune. The issue price is yet to be determined per SEBI ICDR norms.
Existing shareholders face severe promoter dilution (from 46% to ~3%), effectively transferring control to four new non-promoter investors. The issue at Rs 10 (face value) with no premium mentioned could pressure the stock price short-term, though Rs 45 crore capital inflow may strengthen the balance sheet pending shareholder and regulatory approvals.