Man Infraconstruction Ltd. plans to raise Rs 550 crore via the issue of warrants to certain non-promoters on a preferential basis.
The company will issue up to 3.5 crore warrants, where each warrant is convertible into one equity share with a face value of Rs 2 each. The warrants will be raised at an issue price of Rs 155, a premium of Rs 153 over the face value, according to an exchange filing on Wednesday.
The fund-raising process requires the approval of the statutory authorities and the necessary shareholders of the company. A meeting of the company for the same will be held on Dec. 23, the filings said.
The warrants will be issued to 157 non-promoters. Berjis Minoo Desai, the non-executive chairman of the company, Aditya S. Chandak, and Quant Mutual Fund are among those who will get warrants, it said.
Berjis Minoo Desai will get 54 lakh warrants, amounting to an investment of Rs 83.7 crore. Aditya S. Chandak will be issued 32.4 lakh warrants at an investment of Rs 50.2 crore. Quant Mutual Fund will get 17.5 lakh warrants at an investment of Rs 27.1 crore.
Shares of Man Infraconstruction closed 1.74% lower at Rs 189.45 apiece, compared to a 1.10% rise in the benchmark BSE Sensex.
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