MAN Industries India Ltd raises ₹255 Crores via Preferential Allotment

MAN Industries (India) Ltd ("MANINDS"), a premier manufacturer of large-diameter carbon steel line pipes, is pleased to announce the successful completion of a ₹255 crores capital raise through a preferential issue of equity shares to non-promoter investors.

The Preferential issue witnessed robust investor interest from a diverse group of marquee investors, underscoring strong confidence in company's vision, business strategy, execution capabilities and long-term value creation potential.

The allotment comprised 77,74,383 fully paid equity shares (face value ₹5 each), priced at ₹328 per share - including a premium of ₹323 per share.

The funds raised will be strategically deployed towards:

- Advance capital expenditure commitments associated with ongoing expansions in Jammu and Saudi Arabia.

- Strengthen the balance sheet and bolster working capital for enhanced operational resilience.

- Fuel the company's domestic and global growth roadmap, backed by order-book momentum and execution capability.

Announcing the completion of the issue, Mr. Nikhil Mansukhani, Managing Director, said "This capital infusion underscores strong investor confidence in MAN Industries' long-term growth trajectory. It significantly enhances our financial foundation and accelerates our ability to execute a robust order pipeline. We remain committed to engineering excellence, sustainable scale-up, and long-term stakeholder value creation."

Shares of Man Industries (India) Limited was last trading in BSE at Rs. 431.05 as compared to the previous close of Rs. 424.70. The total number of shares traded during the day was 18957 in over 776 trades.

The stock hit an intraday high of Rs. 436.40 and intraday low of 421.00. The net turnover during the day was Rs. 8150342.00.

Source : Equity Bulls

Keywords

ManIndustriesIndia INE993A01026 FundRaising PreferentialIssue