Man Infraconstruction Limited's (MICL) Board has given its approval for a fund raising initiative of approximately amounting to Rs. 550 Crore. This will be accomplished through the issuance of convertible equity warrants via Preferential Issue, subject to the necessary statutory and regulatory approvals. The approval process includes seeking the nod from the shareholders of the company, wherever required.
The funds will be raised 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 on preferential basis at an issue price of Rs. 155/- including premium of Rs. 153/- per warrant. The total fund to be raised amounts to Rs. 550 crores.
The Company sees significant opportunities for future growth in the real estate sector and views it as a strategic priority to expand its real estate business by acquiring new projects, expediting the completion of ongoing projects, and enhancing its overall presence. To achieve these objectives, the Company believes it requires long-term capital resources.
The decision to raise funds is attributed to the current positive trend in the real estate sector, coupled with the Company's established track record in project execution and a strong balance sheet. The fund infusion, as proposed through the preferential issue of convertible equity warrants, is expected to support and drive robust growth in the Company's business in the future.
Commenting on this pivotal development, Mr. Manan Shah the Managing Director of the company said, "I want to express my sincere thanks to all investors who participated in our preferential issue. 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 capitalize on opportunities in the booming economy. Our commitment is unwavering to deliver sustainable growth and value to our shareholders."
Shares of Man Infraconstruction Limited was last trading in BSE at Rs. 189.45 as compared to the previous close of Rs. 192.80. The total number of shares traded during the day was 482328 in over 5513 trades.
The stock hit an intraday high of Rs. 195.00 and intraday low of 184.00. The net turnover during the day was Rs. 91340988.00.