Corporate News
MSP Steel and Alloys Limited announced a scheme of arrangement for the demerger of its manufacturing business into the company. The demerger will result in the allotment of 5 fully paid equity shares of MSP Steel for every 1 equity share held in MSP Steel and Alloys. The rationale includes optimizing skills, cash flow profiles, and operational requirements, achieving cost efficiencies, enhancing revenue potential, and increasing flexibility for both companies. Shareholders of MSP Steel and Alloys will receive shares of MSP Steel, and the shareholding pattern will change accordingly, with promoters holding 59.52% and public shareholders holding 40.48% post-demerger. The company has also appointed S. K. Agrawal & Co, Chartered Accountants LLP, as the Internal Auditor and Mr. Sambhu Banerjee as the Cost Auditor.