Shares of Man Infraconstruction traded down 1 percent at Rs 187.60 early on November 30 as the company board approved a plan to raise funds.
"The board has given its approval for a fund-raising initiative of approximately Rs 550 crore," the company said.
This will be accomplished through the issuance of convertible equity warrants in the preferential route, subject to the necessary statutory and regulatory approvals. The approval process includes seeking the nod from shareholders of the company, wherever required, it added.
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 of the face value of Rs 2 each on a preferential basis at an issue price of Rs 155, including a premium of Rs 153 per warrant.
"The board's approval for fund-raising is a significant step, and we are now awaiting shareholders' approval. We see tremendous growth potential in the Indian real estate sector and are eager to capitalize on opportunities in the booming economy. Our commitment is unwavering to deliver sustainable growth and value to our shareholders," said Managing Director Manan Shah.
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An extra ordinary general meeting (EGM) of the company will be held on December 23 through VC/OAVM, to seek necessary approval of the members of the company for the aforesaid preferential issue.
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