Man Infraconstruction to raise funds via issue of warrants on preferential basis - Details

According to an exchange filing, the allotment committee of the company considered and approved the allotment of warrants to more than 130 investors.

$Man Infraconstruction to raise funds via issue of warrants on preferential basis - Details$

The company has received more than Rs 135.80 crore at a rate of 38.75 per warrant

Engineering, Procurement and Construction (EPC) company Man Infraconstruction Ltd. has said that the board of directors has approved the praposal to raise funds via issue of warrants on a preferential basis.

According to an exchange filing, the allotment committee of the company considered and approved the allotment of warrants to more than 130 investors.

"The Allotment Committee of the Board of Directors of the Company, today i.e. January 23, 2024, considered and approved the allotment of 3,50,46,100 (Three Crores Fifty Lakhs Forty Six Thousand and One Hundred) Warrants at a price (including the Warrant Subscription Price and the warrant exercise price) of Rs.155/- (Rupees One Hundred and Fifty Five only) each payable in cash (''Warrant Issue Price"), aggregating upto Rs. 543,21,45,500 (Rupees Five Hundred and Forty Three Crore Twenty One Lakh Forty Five Thousand Five Hundred only) (''Total Issue Size'') on preferential basis," the company said in an exchange filing.

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The company has received more than Rs 135.80 crore at a rate of 38.75 per warrant, being 25 per cent of the issue price, as upfront payment.

The remaining 75 per cent, or Rs 116.25 per warrant, shall be paid on conversion of warrants into equity shares within a period of 18 months.

Each warrant is convertible into or exchangeable for one fully paid-up Equity share of the company having a face value of Rs 2.

As per the exchange filing, several investors including Quant Mutual Fund, Forbes EMF, Coeus Global Opportunities Fund and Aries Opportunities Fund have participated in the issue.

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