Man Infraconstruction Limited to raise Rs 550cr for real estate expansion
The board of Man Infraconstruction Limited (MICL) has approved a major fundraising initiative, aiming to raise approximately Rs. 550 Crore. This capital injection will be facilitated through the issuance of convertible equity warrants by way of a Preferential Issue, pending necessary statutory and regulatory consents, including shareholder approval.
Strategic Investment in the Real Estate Sector
The decision to raise funds comes at a time when the Indian real estate sector is witnessing a positive trend. MICL plans to utilize these funds for acquiring new projects, expediting ongoing ones, and broadening its market presence. The total amount to be raised, Rs. 550 crores, will be generated through the issue and allotment of up to 3,55,05,000 warrants. Each warrant is convertible into one equity share of the face value of Rs. 2/- each, at an issue price of Rs. 155/-, including a premium of Rs. 153/- per warrant.
Man Infraconstruction Board Approves Fundraising of Rs. 550 Crore via Equity Warrants
Company’s Vision for Long-term Growth
With an eye on future growth opportunities in real estate, MICL views this move as crucial for securing long-term capital resources. The company’s established track record in project execution and a strong balance sheet are key factors driving this strategic decision. The infusion of funds is anticipated to significantly bolster MICL’s business growth.
Management’s Outlook on the Fundraising
Manan Shah, the Managing Director of Man Infraconstruction Limited, expressed gratitude to investors for their participation in the preferential issue. “The board’s approval for fundraising marks a significant milestone for MICL. We are now poised for shareholder approval to capitalize on the immense growth potential in the Indian real estate sector. Our commitment remains steadfast in delivering sustainable growth and value to our shareholders,” he stated.
This fundraising initiative represents a pivotal step for Man Infraconstruction Limited in its journey towards expansion and sustainable development in the dynamic real estate market.