Shares of Man Infraconstructions Ltd (Man Infra) surged more than 3 per cent during the trading session on Thursday to hit a new 52-week high after the company raised funds via preferential allotment. The company board approved the fund-raising plans on Wednesday through exchange filing. Man Infra's board has given its approval for a fundraising 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, wherever required, it said. "The funds will be raised through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into one equity share with a face value of Rs 2 each on preferential basis at an issue price of Rs 155 per warrant. The total fund to be raised amounts to Rs 550 crores," said the company in an exchange filing. Following the announcement, shares of Man Infraconstruction surged more than 3 per cent to Rs 195.80, hitting its new 52-week high, with a total market capitalization of more than Rs 7,250 crore. The scrip had settled at Rs 189.45 in the previous trading session on Wednesday. Shares of Man Infra have delivered about 200 per cent return from its 52-week low at Rs 66.25, hit in March 2023. The stock has surged about 30 per cent in the last one month, while it is up 111 per cent in the last six months. It has gained about 160 per cent in the year 2023 so far. The company has allotted convertible warrants to about 134 investors from non-promoter category. However, the list includes some of the group employees. The allottees included names like Quant Mutual Fund, Forbes EMF, Minerva Ventures Fund, Tano Investment Opportunities Fund, Omkara Capital, Prabhudas Lilladher Advisory Services and others. 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, added Man Infra's release and to achieve it, the company requires long-term capital resources. Man Infraconstruction is an integrated EPC (engineering, procurement & construction) company with experience and execution capabilities in port, residential, commercial, industrial and road construction segments with projects spanning across India.
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