Man Infra shares rise as company allots warrants to investors; stock up 190% in a year

Man Infraconstruction Ltd has raised funds via issue of warrants on a preferential basis. The allotment committee of the company considered and approved the allotment of warrants to more than 130 investors on Tuesday, which was later communicated to the bourses through exchange filing.

The allotment committee of Man Infraconstruction considered and approved the allotment of 3,50,46,100 warrants at a issue price of Rs 155 apiece, payable in cash, aggregating to Rs 543.21 crore, on preferential basis to investors belonging to non-promoter category of the company.

The company has received a more than Rs 135.80 crore at a rate of 38.75 per warrant, being 25 per cent of the issue price, as upfront payemtn. The remaining 75 per cent, or Rs 116.25 per warrant, shall be paid on conversion of warrants into equity shares with a period of 18 months.

A host of renowned investors including Quant Mutual Fund, Forbes EMF, Coeus Global Opportunities Fund, Aries Opportunities Fund, Minerva Ventures Fund, Tano Investment Opportunities Fund, Omkara Capital, Prabhudas Lilladher Advisory Services and Resonance Opportunities Fund have participated in the issue.

Following the announcement, shares of Man Infraconstruction rose about 2 per cent to Rs 221.05 on Wednesday, commanding a total market capitalization of more than 8,000 crore. The scrip had settled at Rs 216.95 in the previous trading sessioon on Tuesday.

Shares of Man Infra have surged about 7 per cent in the last one month, while the stock is up 80 per cent in the last six months period. It has delivered a return of 190 per cent in the last one year, while the stock has zoomed 235 per cent from its 52-week low at Rs 66.25 apiece.

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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