Man Infraconstruction to acquire stake in Royal Netra Constructions Pvt Ltd

Royal Netra Constructions Private Limited ('RNCPL') is engaged in the business of real estate development with specific concentration on redevelopment under the SRA Project at Goregaon (W), Mumbai ("Project").

Man Infraconstruction Limited would be acquiring stake in RNCPL by way of merger of Platinumcorp Affordable Builders Private Limited ('PABPL') (wherein the Company holds one third shareholding interest) with RNCPL.

Post the merger becoming effective, the balance shareholding of existing shareholders of RNCPL will be transferred to the shareholders of PABPL and thus full economic interest will be proportionately vested with the shareholders of PABPL. Further, RNCPL will issue Unlisted Secured Redeemable Non-convertible Debentures ("Debentures") in favour of the Company in lieu of its existing outstanding loan, which will be secured by certain carpet area in the Project.

Shares of Man Infraconstruction Limited was last trading in BSE at Rs. 75.80 as compared to the previous close of Rs. 75.85. The total number of shares traded during the day was 7594 in over 421 trades.

The stock hit an intraday high of Rs. 76.75 and intraday low of 74.60. The net turnover during the day was Rs. 574138.00.

Source : Equity Bulls

Keywords

ManInfraconstruction INE949H01023 StakeAcquisition RoyalNetraConstructions