Manaksia Coated Metals & Industries Limited, a leading player in the coated metal products sector, has taken a significant leap forward by securing shareholder approval to raise ₹134.55 crore via a preferential issue of equity warrants. This bold move comes from a company that has already delivered a staggering 2,700% return to investors over five years. The announcement was made in an exchange filing on December 26.
Key Details of the Fundraising
The company plans to issue 2.07 crore fully convertible warrants at ₹65 each. The funds raised will be strategically allocated to:
- Reducing existing debt
- Boosting production capacity
- Implementing advanced technology for value-added product offerings
Impressive Stock Performance
Manaksia’s stock closed at ₹111.96 on December 27, reflecting a 3.98% gain for the day. The stock has delivered extraordinary returns, gaining:
- 82.44% over the past six months
- 290.26% on a year-to-date (YTD) basis
- An astounding 2,705% over the last five years
Expansion Plans and Growth Targets
The funds will drive transformative upgrades, including:
- Introducing Alu-Zinc Coated Steel production
- Expanding production capacity from 132,000 MTPA to 180,000 MTPA—a 36% increase
- Enhancing Pre-Painted Steel capacity by 175%, scaling from 86,000 MTPA to 236,000 MTPA, supported by a cutting-edge coil coating line
In addition, Manaksia is taking a sustainable approach by planning a phased installation of a captive solar power plant, reflecting its commitment to eco-friendly practices and long-term profitability.
Leadership’s Vision
“We are thrilled to achieve shareholder endorsement for this preferential issue, a pivotal milestone in our journey toward enhanced growth and innovation,” said Karan Agrawal, Whole-Time Director of Manaksia Coated Metals & Industries Limited. “These funds will enable us to reduce debt, adopt advanced technologies, expand our production capacities, and operate more sustainably, ensuring long-term value creation for our stakeholders.”
The Road Ahead
Manaksia’s strategic expansion and focus on sustainability position it as a rising star in the coated steel market. With robust shareholder backing, the company aims to further solidify its market presence while driving long-term profitability and environmentally conscious operations.
