Man Infraconstruction’s (MICL) Board has given its approval for a fund raising 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 of the company, wherever required.
The funds will be raised through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into 1 Equity Share of the face value of Rs 2 each on preferential basis at an issue price of Rs 155 including premium of Rs 153 per warrant. The total fund to be raised amounts to Rs 550 crore. 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.
Man Infraconstruction is an India-based company engaged in the business of civil construction. The company’s operations consist of construction / project activities/real estate activities.
