MAN Industries India Ltd board approves fund raising of ₹300 Crores through Preferential Allotment

The Board of Directors of MAN Industries (India) Ltd. (BSE: 513269 | NSE: MANINDS), at its meeting held on May 31, 2025, has approved a proposal to raise up to ₹300 Crores through a preferential allotment of Convertible Warrants and Equity Shares to Promoter Group Entity and Non-Promoters respectively, subject to the approval of shareholders of the Company and of such regulatory/ statutory authorities, as may be applicable, for which the Company has received an overwhelming response from the renowned Investors.

To seek the necessary approval, the Company will issue a Notice for an Extraordinary General Meeting (EGM) which is scheduled to be held on Wednesday, June 25, 2025, through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

Allotment includes:

Convertible Warrants:

Issuance of 12,19,512 Convertible Warrants to Man Finance Private Limited, a Promoter Group Entity, at a price of ₹328/- (including a premium of ₹323/-), aggregating to approximately ₹39.99 Crores. Each Warrant is convertible into one Equity Share and may be exercised in one or more tranches within 18 months from the date of allotment.

Equity Shares:

Issuance of 79,26,822 fully paid-up Equity Shares of face value ₹5 each at a price of ₹328 per Equity Share (including a premium of ₹323/-), aggregating to approximately ₹259.99 Crores, to Non-Promoters.

Utilization of Funds:

The proposed capital raise is aimed at supporting:

- Ongoing capex requirements for the Company's expansion projects in Jammu and Saudi Arabia.
- Working capital needs and balance sheet strengthening.
- The Company's long-term growth and strategic initiatives.

Mr. Nikhil Mansukhani, Managing Director, stated: "The proposed capital raise marks a significant step toward reinforcing our growth strategy. It will enable us to enhance execution capabilities, support strategic expansion, and continue delivering value to our stakeholders."

Shares of Man Industries (India) Limited was last trading in BSE at Rs. 403.15 as compared to the previous close of Rs. 375.50. The total number of shares traded during the day was 110914 in over 3248 trades.

The stock hit an intraday high of Rs. 405.35 and intraday low of 371.00. The net turnover during the day was Rs. 43642683.00.

Source : Equity Bulls

Keywords

ManIndustriesIndia INE993A01026 FundRaising PreferentialIssue ConvertibleWarrants EquityShares