Quant Mutual Fund and US foreign institutional investor (FII) Minerva Ventures Fund have invested in Indian stock Man Infraconstruction. These institutional investors have invested in Man Infraconstruction company through preferential offer route. The board of directors of the company approved shares to these fund houses at a price of ₹155 per share.
Man Infra board approved 17.50 lakh shares to Quant Mutual Fund while Minerva Ventures Fund got 12.50 lakh shares from company. This means, Quant Mutual Fund invested ₹27,12,50,000 or a little more than ₹27.12 crore while Minerva Ventures Fund invested ₹19,37,50,000 or thereabouts ₹19.37 crores.
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Man Infrastructure preference issue details
Man Infraconstruction approved these shares after evaluating applications against its fund more by issuing preference shares. The company announced ₹550,32,75,000 or ₹550 crore fund raising through issue of 3,55,05,000 preference shares. Preferred shares were issued on Wednesday during the board meeting. In this meeting, company board gave its approval for a fundraising initiative of approximately amounting to ₹550 crores.
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This will be accomplished through the issuance of convertible equity warrants through a Preferred Issue, subject to the necessary legal and regulatory approvals. The approval process includes seeking the nod of the company’s shareholders, wherever necessary.
Stock all time high
After the announcement of this stock market news, the share price of Man Infraconstruction witnessed strong buying interest in morning offers. Man Infrastructure share price today opened flat but soon gathered momentum and hit a lifetime high of ₹195.85 on NSE.
“The decision to raise funds is attributed to the current positive trend in the real estate sector, coupled with the established track of the Company in the execution of projects and a strong balance sheet. The fund infusion, as proposed by the preferential issue of convertible equity guarantees, is expected to support and drive robust growth in the Company’s business in the future,” Man Infraconstruction said in an exchange filing.
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Updated: 30 Nov 2023, 14:10 IST