Outcome of Board Meeting

Date: 02nd September 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip Code: 532650 Company Symbol: MSPL Dear Sir / Madam, Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. on 02nd September 2026 have considered and accorded their approval on the following matters. 1. Pursuant to the proposed Scheme of Arrangement between MSP Sponge Iron Limited (“Demerged Company” or “MSP Sponge”) and MSP Steel and Power Limited (“Resulting Company” or “MSP Steel”) and their respective shareholders and creditors under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules thereunder (“The Scheme”), the Board of Directors have accorded its approval to the draft Scheme, after considering the recommendations of Audit Committee and Committee of Independent Directors. The Scheme, as above, will be subject to regulatory and other approvals, as may be required. The details as required under Regulation 30 of the Listing Regulations read with the relevant SEBI Circular are given in Annexure-I hereto. 2. The Board considered and approved the Board’s Report for the Financial Year 2025-26. 3. The Board considered and approved the draft notice convening the Annual General Meeting (“AGM”) of the Company scheduled be held on Wednesday, 30th September 2026 at 3:00 p.m. through video conferencing, at its registered office situated at South City Business Park, 10th Page 1 of 9 Floor, 770 Anandpur, E.M. Bypass, E.K.T, Kolkata, West Bengal, India, 700107 for seeking shareholders’ approval on the proposed resolutions & other related matters. 4. On the recommendation of the Audit Committee, the Board has approved the appointment of M/s. S K Agrawal and Co Chartered Accountants LLP (FRN: 306033E/ E300272) as the Internal Auditor of the Company for the financial year 2026–2027. Details pursuant to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 with respect to aforesaid appointment are enclosed herewith as "Annexure II". 5. On the recommendation of the Audit Committee, the Board has approved the re-appointment of Mr. Sambhu Banerjee, Practicing Cost Accountant (Membership No. A9780; COP No- 00092) as the Cost Auditor of the Company to audit the cost records for the financial year 2026-2027. Details pursuant to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 with respect to aforesaid appointment are enclosed herewith as "Annexure III”. The meetings commenced at 1.00 P.M. and concluded at 08.45 P.M. Submitted for your kind reference and records. Thanking you. Yours faithfully For MSP Steel And Power Limited Shreya Kar Company Secretary & Compliance Officer Encl: As above Page 2 of 9 Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Annexure I Brief details of the Scheme of Demerger a) Name of the entities The Scheme of Demerger proposed to be filed under Sections 230- forming part of the 232 of the Companies Act, 2013 for Demerger of manufacturing Scheme, details in business undertaking of MSP Sponge Iron Limited (‘MSP Sponge’ or brief such as size, Demerged Company) into MSP Steel And Power Limited (‘MSP turnover, etc. Steel’ or Resulting Company) and their respective shareholders under Sections 230-232 and other applicable provisions of the Companies Act, 2013 ("Scheme"). Brief details of the companies involved in the Scheme are as under: 1. MSP Sponge Iron Limited is a public company incorporated under the provisions of the Companies Act, 1956 on 16 July 1999, having CIN as U27102WB1999PLC114830, having PAN as AACCM1932G and having its registered office situated at South City Business Park, 10th Floor, 770 Anandpur Road, E.M. Bypass, Kolkata, West Bengal, India - 700107. 2. MSP Steel & Power Limited is a public company incorporated under the provisions of the Companies Act, 1956 on 18 November 1968, having CIN as L27109WB1968PLC027399, having PAN as AACCA2756N and having registered office situated at South City Business Park, 10th Floor, 770 Anandpur, EM Bypass, E.K.T, Kolkata, West Bengal, India, 700107. The equity shares of MSP Steel are listed on BSE Limited (‘BSE’) and the National Stock Exchange of India Limited (‘NSE’). Brief details of the net worth, total assets as on 30 June 2026 and turnover (including other income) for the period ended 30 June 2026, are set out below: Amount (Rs. in crore) Particulars Net worth Turnover Total (including Assets other income) MSP Steel and Power 1049.49 829.07 1682.17 Limited Page 3 of 9 Demerged 546.08 390.66 693.87 Undertaking of MSP Sponge Iron Limited b) Whether the Yes, the transaction is a related party transaction and the same is being transaction would fall done on an arm's length basis. under Related Party The valuation to determine the consideration under the Scheme, Transaction? If yes, wherever applicable, has been jointly done by Finvox Analytics whether the same is (“Finvox” or “Registered Valuer” or the “Firm”) (IBBI/RV- done at arms' length? E/06/2020/120) and SSPA & Co., Chartered Accountants (“SSPA” or “Joint Valuer”) (IBBI/RV-E/06/2020/126), Independent Registered Valuers - Securities or Financial Assets. In addition, M/s. Fortress Capital Management Services Private Ltd , Merchant Bankers has issued a Fairness Opinion on the consideration determined by the aforesaid valuers. However, it is pertinent to note that in terms of General Circular No. 30/2014 dated 17th July 2014 issued by Ministry of Corporate Affairs (the "MCA Circular"), the transactions arising out of compromises, arrangements and amalgamations under the Companies Act, 2013 (the "Act"), will not attract the requirements of Section 188 of the Act. c) Areas of business of Resulting Company : MSP Steel is engaged in manufacturing and the entities trading of sale of iron and steel products and generation of power. The Company has a manufacturing plant at Raigarh, Chhattisgarh. Demerged Company : MSP Sponge is engaged in manufacturing and sale of iron and steel, ferro alloys products and captive power generation (‘Manufacturing Business’). The manufacturing facilities are located at Keonjhar, Odisha and Raigarh, Chattisgarh and forms a part of the Manufacturing Business. It also has other business by way of investments in equity instruments including subsidiaries, associates and other companies and listed entities. d) Rationale for the 1. The demerger of the Demerged Undertaking (as defined herein Scheme under) from MSP Sponge to MSP Steel is based on the following rationale: a. The Demerged Company and the Resulting Companies are mostly engaged similar businesses i.e. manufacturing of iron and steel. Accordingly, the Board of Directors of both the Companies intend to bring the manufacturing businesses of the Demerged Company and the Resulting Company under one entity, since they recognize the fact that combining both the business divisions will enable the Resulting Company to Page 4 of 9 optimize the utilization of the specialized skills and knowledge, cash flow profiles, and operational and training requirement. In this scenario, the Board of Directors of both the Companies are of the view that it would be better to demerge the ‘Manufacturing Business’ of the Demerged Company into the Resulting Company and additionally take advantage of the economies arising out of integration of the business under Resulting Company. b. The Demerger will achieve cost efficiencies through economies of scale. c. The Demerger woul [Showing first 8,000 characters — download PDF for full document]