On December 20, 2024, the Board of Directors of Man Infraconstruction Limited approved the conversion of 31,01,400 convertible warrants into an equal number of equity shares. These shares will be issued at a price of ₹155 per share, which includes a premium of ₹153 each, following the receipt of ₹36.05 crore at the rate of ₹116.25 per warrant. This significant development is expected to keep Man Infraconstruction’s shares in focus in the coming trading sessions.
The allotment, made for cash, has led to an increase in the company’s paid-up capital from ₹74.44 crore (37,21,88,165 equity shares of ₹2 face value each) to ₹75.06 crore (37,52,89,565 equity shares of ₹2 face value each). The conversion marks a major milestone as the company continues to raise its capital base.
According to the company’s filing, holders of the existing 3,10,06,940 warrants have 18 months from the date of warrant allocation to convert these warrants into an equivalent number of equity shares by paying the remaining 75% of the warrant price, which amounts to ₹116.25 per warrant.
The allottees of the newly converted equity shares include prominent entities such as Quant Mutual Fund, Chhattisgarh Investments Ltd, Moneyleader Finance India Pvt Ltd, Ritu Wadhwa Makhiia, Resonance Opportunities Fund, and Suresh Eknath Kolhatkar, among others.
In addition, Man Infraconstruction is participating in a high-value project bid for the Vadhvan Port Project in Maharashtra. The company, along with Cementation India Ltd. and Navayuga Engineering Co. Ltd., has placed a bid for the ₹1,700 crore engineering, procurement, and construction (EPC)-mode near-shore reclamation and shore protection works.
However, despite these positive developments, shares of Man Infraconstruction ended 2.39% lower at ₹231.50 per share on Friday, with a market capitalization of ₹8,670 crore on the NSE.
