MSP Steel & Power Approves Scheme To Absorb MSP Sponge Business

Board approved demerger of MSP Sponge's manufacturing business into MSP Steel, with shareholders receiving 5 MSP Steel shares for every 1 share held. Combines similar steel operations to pursue scale economies, cost efficiencies, streamlined cash flows and potentially higher earnings. Related-party transaction stated to be arm's length; post-scheme promoter holding rises to 59.52% from 45.12%. Subject to approvals and valuation scrutiny.