Man Infra shares hit 52-week high as board approves plan to raise funds

Man Infraconstruction share price NSE, BSE: Shares of Man Infraconstructions Ltd (Man Infra) have been gaining for the last two days and have risen around 7.03 per cent in this period.

Meanwhile, the board has approved raising up to Rs 550.23 crore via the issue of warrant on a preferential basis.

Man Infraconstruction share price NSE, BSE: Shares of Man Infraconstruction hit a new 52-week high of Rs 209.85 as the company board approved a plan to raise funds. The scrip opened at Rs 199.30 today and surged around 6.6 per cent during the early trading session. Shares of Man Infraconstruction have a 52-week range of Rs 209.95 - Rs 66.25 on BSE. The company commands a market cap of Rs 7,560.51 as of December 1, as per the BSE website.

Shares of Man Infraconstructions Ltd (Man Infra) have been gaining for the last two days and have risen around 7.03 per cent in this period. It has outperformed the sector by 2.37 per cent.

Last seen, shares held firmly in green and were trading at Rs 202.75. At the time of filing this report, as many as 1.63 crore shares of the company changed hands at an average traded price of Rs 205.38.

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Meanwhile, the board has approved raising up to Rs 550.23 crore via the issue of warrant on a preferential basis. The go-ahead was given during the meeting of the board held on Wednesday.

"The board of directors of Man Infraconstruction... Has considered and approved raising of funds 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 to certain non-promoter investors on preferential basis," the company said in a filing to the BSE.

However, this approval is subject to the shareholders' approval in the ensuing general meeting.

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