Shares of MICL Surges 5% After The Announcement of Increase In Promoter Stake

Shares of Man Infraconstructions Ltd (Man Infra) surged around 5% during the trading session on Monday. The stock has been rallying higher on the back of project updates and increased promoter stake in the company.

The company said in an exchange filing that Mansi P Shah, promoter of Man Infraconstructions bought a total of 2 lakh equity shares of the company through open market transactions on Thursday, March 14, 2024, g. With this acquisition Mansi P Shah owns 5,88,95,139 equity shares or 15.86 per cent stake in the company.

Shares of Man Infraconstructions surged more than 5.25 per cent to Rs 197 on Monday, with a total market cap of around Rs 7,100 crore. The stock has delivered about 200 per cent returns from its 52-week lows at Rs 66.25 hit in March 2023.

Earlier this month, the company announced the early delivery of Aaradhya Highpark' - Towers E & F, a residential project located near Dahisar at Mira Road, setting a new benchmark for timely completion and quality construction. With the completion of the remaining two towers in 'Aaradhya Highpark', the group has delivered over 1,300 apartments in a record time, including shops, across its six residential towers and one commercial tower - 'Aaradhya Primus'. Launched in October 2018, 1st four residential towers and 1 commercial tower were delivered in November 2022 while the remaining two residential towers launched in August 2021, were delivered 21 months ahead of the schedule. The project has secured the Occupancy Certificate (OC) for all the towers, demonstrating MICL Group's adherence to high standards of quality and compliance.

With projects spread throughout India, Maninfra has five decades of expertise in the EPC industry and excellent execution abilities in the residential, commercial & industrial, port, and highway construction segments. Maninfra Group is a well-known Real Estate Developer in Mumbai that has completed several residential projects on schedule and with excellent construction standards.