800% return in 3 years: Shares of this construction company hit all-time high on fundraising plans

The construction company informed the exchanges on Wednesday that its Board of Directors is scheduled to meet on November 29, 2023.

The rally in share price comes on the back of the company's proposed fundraising plans.

Man Infraconstruction shares jumped nearly 15 per cent to hit an all-time high of Rs 182.75 apiece on Thursday. The scrip had closed at Rs 158.75 in the last trading session.

The rally in share price comes on the back of the company's proposed fundraising plans.

The construction company informed the exchanges on Wednesday that its Board of Directors is scheduled to meet on November 29, 2023.

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According to the company, the agenda of the meeting includes a proposal for raising funds by way of issuing one or more instruments as determined by the board.

"Proposal for the raising of funds by way of issue of one or more of instruments such as equity shares, convertible securities, warrants, or debt securities, private placement, preferred issue, qualified institution placement or such other methods or combination thereof as may be decided by the Board," the company said in an exchange filing.

The proposal is subject to obtaining necessary statutory and regulatory approvals.

The scrip has outperformed the sector by 12.34 per cent. A rise in investor participation was seen during today's trading session as the delivery volume of 28.8 lakh shares on November 22 has increased by around 200 per cent against the 5-day average delivery volume.

Shares of Man Infraconstruction have surged 135 per cent so far this year. In the last three years, the company has given a multibagger return of 876.94 per cent.

The company commands a market cap of Rs 6,634.24 as of November 23, as per the BSE website. As many as 13.47 crore shares of the company changed hands at an average traded price of Rs 177.45.

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