Man Infraconstruction Shares Rally As Quant Mutual Fund Buys Stake

On Friday, the shares of Man Infraconstruction opened on the NSE at Rs 197.65 apiece and rallied to hit an intraday high of Rs 209.85 representing a gain of 6.17%. In the past five sessions, the stock has increased 8.85%, while over the past year, it has produced a multibagger return of 150.31%. The multibagger stock, which has gone up 165% YTD, has announced plans to raise Rs 550 crore by issuing preferred warrants to a select group of non-promoters.

The company had said that it would issue 3,55,05,000 preferred shares in order to generate funds of Rs 550 crore. During the board meeting on Wednesday, preferential shares were distributed. Man Infraconstruction, an Indian stock, has attracted investments from Quant Mutual Fund and a US-based foreign institutional investor (FII), Minerva Ventures Fund via a preferential offer.

While Minerva Ventures Fund received 12.50 lakh firm shares for 19.37 crore at a price of Rs 155 per share, the Man Infra Board authorised 17.50 lakh shares at Rs 27.12 Cr to Quant Mutual Fund to the said institutional investors which take part in the preferential issue of the company.

Manan Shah, Managing Director of Man Infraconstruction, said, "The board's approval for fund-raising is a significant step, and we are now awaiting shareholders' approval. We see tremendous growth potential in the Indian real estate sector and are eager to capitalise on opportunities in the booming economy. Our commitment is unwavering to deliver sustainable growth and value to our shareholders," according to MoneyControl.

With a market valuation of Rs 7,434, Man Infraconstruction Limited is an integrated engineering, procurement, and construction (EPC) company established in India.