Man Infraconstruction Set To Raise Rs 550 Cr Via Issue Of Warrants, Shares Gain 151% YTD

Shares of Man Infraconstruction Ltd witnessed gain of 19% in last 1-week as the company is geared up to raise Rs 550 crore via issue of warrants to some specific non-promoters on a preferential basis, according to the BSE filing of the company dated November 29, 2023.

Last trading price of Man Infra share on BSE is Rs 189.45 per share with intraday fall of 1.74%. Man Infra shares hit 4th consecutive 52-week high today. Check details below:

Man Infra To Raise Funds Through Issue of Warrants: According to the exchange filing of the company, "We hereby inform you that the Board of Directors of the Company at their Meeting held today inter-alia considered and approved Raising of funds through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into 1 (one) Equity Share of the face value of Rs. 2/- each to certain non-promoter investors on preferential basis at issue price of Rs. 155/- including premium of Rs. 153/- each per warrant aggregating upto maximum amount of Rs. 550,32,75,000/-, subject to the approval of regulatory/ statutory authorities and from the Shareholders of the Company at ensuing General Meeting."

It is worth noting that the process of fund raising will necessitate the nod of statutory authorities and the compulsory shareholders of the company. A meeting has been scheduled regarding the same for December 23, added the BSE filing.

It is worth mentioning that the warrants is expected to be issued to 157 non-promoters. Berjis Minoo Desai, the non-executive chairman of Man Infra, Aditya S. Chandak, and Quant Mutual Fund are among those who will receive warrants, stated the BSE filing.

Berjis Minoo Desai is expected to receive 54 lakh warrants, for an investment of Rs 83.7 crore. Aditya S. Chandak will get 32.4 lakh warrants for an investment of Rs 50.2 crore. Meanwhile, Quant Mutual Fund will receive 17.5 lakh warrants for an investment of Rs 27.1 crore, as per the regulatory filing.

Man Infra Share Price & Return: Last trading price of Man Infra share is Rs 189.45. Its 52-week high price is Rs 195.00 per share and 52-week low price is Rs 66.25 per share, respectively. The company has a market capitalisation of Rs 7,033.34 crore. Man Infra shares gained 106% in last 6-months, jumped 151% YTD, soared 146% in last 1-year, and offered return of 872% in last 3-years.

Man Infra About: It began as engineering contractors and built several landmark projects pan India across verticals like ports, infrastructure, residential townships, commercial projects, institutions, IT projects and futuristic lifestyle houses, according to its official website.