Small-Cap Stock Sees Strong Global Fund Interest; Forbes EMF, Coeus, Minerva Infuse Capital

In Mumbai, Man Infraconstruction Limited (MICL), a prominent EPC and real estate development firm, reported that its Allotment Committee of the Board of Directors sanctioned the transformation of 1,58,81,580 convertible warrants into equity shares during the meeting held on July 22, 2025. This is in line with receiving Rs 1,84,62,33,675 from warrant holders, which is 75% of the issue price of Rs 116.25 warrant (out of Rs 155 per warrant) in compliance with SEBI's (Issue of Capital and Disclosure Requirements) Regulations, 2018. Fifty investors participated in the exercise, representing a variety of well-known domestic and international funds.

With the successful conversion of 1.58 crore warrants into equity shares and the subsequent preferential allocation of Rs 184.62 crore, Man Infraconstruction Limited has garnered a resounding vote of confidence from international investors. Prominent global investors Forbes EMF, Coeus Global Opportunities Fund, and Minerva Ventures Fund were among the main players. Forbes EMF led the group with 14.7 lakh warrants worth over Rs 17 crore, followed by Minerva Ventures Fund and Coeus Global Opportunities Fund, each of which contributed over Rs 14 crore. Other noteworthy allottees included NVS Corporate Consultancy, Harit Exports, Amar Alliance Securities, and other high-net-worth individuals and corporate entities.

The company's capital base was further strengthened by the contributions of a number of domestic institutional and strategic investors to the allocation, which was made at Rs 155 per share (including a Rs 153 premium).

As a result of the transaction, the equity shares will be issued on a face value of Rs 2 each resulting in the free preferential allotment of shares. With respect to this transaction, the company's subscribed and paid-up capital increased from Rs 77.55 crore (38.77 crore shares) to Rs 80.73 crore (40.36 crore shares).

This further capital investment enhances the already strong credit profile of Man Infraconstruction.

Man Infraconstruction is a construction company that has successfully executed several infrastructure projects, including ports, roads, commercial, and residential projects in India, mainly concentrating on the Mumbai real estate market.

The recent capital conversion and robust fundamentals reflect MICL's preparedness for phase two of its growth. The company today has a debt-free balance sheet, an upswing in profitability and a robust project pipeline that will enable it to exploit new opportunities in both the EPC/getting business and in the real estate business.