Man Infraconstruction In Focus As Promoter Raises Stake; Do You Own?

Mansi P. Shah, the promoter for Man Infraconstruction, revealed to the stock exchanges that he has gained a new stake purchase with open market trades which in turn enables him to fulfil his strategy. M. P. Shah and Persons Acting in Concert (PAC) had previously held 25,00,20,859 shares amounting to 66.62% of the company's total equity. The latest purchase of 1,03,939 equity shares has enabled him to increase the stake further by 0.03 net percentage points per share which transformed the promoter group's holdings from 25,01,24,798 shares to 66.67% of the company's total shareholding.

The Persons Acting in Concert comprises the Parag K. Shah family and is also a promoter along with Manan P. Shah who acts as the legal guardian. This form of further investment shows the promoter's firm belief towards the company's potential value appreciation.

On December 20, 2024, the Allotment Committee of the Board of Directors of Man Infraconstruction Limited considered and approved the conversion of 31,01,400 convertible warrants into 31,01,400 equity shares at an issue price of Rs. 155/- per share, including a premium of Rs. 153/- each, upon receipt of an amount aggregating Rs. 36,05,37,750/- at the rate of Rs. 116.25/- per Warrant. This means that the shares of Man Infraconstruction are likely to continue to be a focus in the upcoming sessions.

"The allotment has been made for cash, upon the receipt of the remaining exercise price of Rs. 116.25/- per Share Warrant (being an amount equivalent to the 75°/o of the warrant exercise price of Rs. 155/- per Warrant), aggregating to Rs. 36,05,37,750/-," said Man Infraconstruction in a stock exchange filing.

"Post allotment of the aforesaid equity shares, the subscribed and paid-up capital of the Company has increased from Rs. 74,43,76,330/- (37,21,88,165 Equity Shares of face value of Rs. 2/- each fully paid up) to Rs. 75,05,79,130/- (37,52,89,565 Equity Shares of face value of Rs. 2/- each fully paid up)," Man Infraconstruction informed stock exchanges.

Within 18 months after the date of warrant allocation, holders of the 3,10,06,940 existing warrants are eligible to have their warrants converted into an equivalent number of equity shares of the company by paying the remaining 75%, or Rs. 116.25 per warrant.
The names of the allottees of equity shares pursuant to the conversion of Warrants allotted on preferential basis are Quant Mutual Fund, Chhattisgarh Investments Ltd, Moneyleader Finance India Pvt Ltd, Ritu Wadhwa Makhiia, Resonance Opportunities Fund, Suresh Eknath Kolhatkar and more.

Cementation India Ltd., Navayuga Engineering Co. Ltd., and MAN Infraconstruction Ltd. recently placed bids on a tender issued by Vadhvan Port Project Ltd. for engineering, procurement, and construction (EPC)-mode near-shore reclamation and shore protection works valued at Rs 1,700 crore for the proposed mega port at Vadhvan in Maharashtra.

On Friday, the shares of Man Infraconstruction ended 2.39% lower at Rs 231.50 per share on the NSE with a market cap of Rs 8.67KCr.