Outcome of the Board Meeting of Magnus Steel and Infra Limited held on Wednesday, December 31, 2025.
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Magnus Steel and Infra Ltd's Board of Directors met on December 31, 2025, and decided to reconsider (put on hold) its proposed Preferential Issue for the time being. The decision was driven by technical issues the company faced in convening the required General Meeting within the prescribed timeline, along with certain other factors. The Extra-Ordinary General Meeting (EGM) that had been planned to seek shareholder approval for the preferential issue has also been cancelled. The company has committed to informing stakeholders about any further developments in due course.
This is a setback for the company's near-term fundraising plans. Shareholders expecting fresh equity infusion via the preferential route may have to wait, which could weigh on short-term sentiment. The cancellation of the EGM removes an immediate corporate action event from the company's calendar.