Outcome of Board Meeting of Magnus Steel and Infra Limited for Withdrawal of Rights Issue of Magnus Steel & Infra Limited
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Awaiting price reaction for this filing.
Magnus Steel and Infra Limited has withdrawn its proposed Rights Issue that was open from October 23 to November 21, 2025. The company had planned to raise up to ₹49.01 crore by issuing 4.90 crore equity shares at ₹10 each in a ratio of 29:2 to existing shareholders. The Board decided to withdraw the issue because it did not receive the minimum subscription required under SEBI's ICDR Regulations. The company is now instructing banks to unblock any funds that were collected from shareholders.
This is negative for shareholders as the company failed to raise the planned ₹49 crore, which may delay its growth or expansion plans. It also signals weak investor confidence in the stock or the company's fundraising ability, and could put short-term pressure on the share price.