Shares of Man Infraconstruction were trading 2% lower on 30 November despite the company receiving approval from the board to raise funds. 

The company, in its regulatory filing, said, “The board has given its approval for a fund-raising initiative of approximately Rs 550 crore.”

The fund will be raised by issuing convertible equity warrants in the preferential route, which is subjected to necessary statutory and regulatory approvals. They will also gain approval from the shareholders of the company whenever required. 

The funds will be raised through the issue and allotment of up to 3,55,05,000 convertible equity warrants, wherein each warrant can be converted into one equity share of the face value of Rs 2 each on a preferential basis at an issue price of Rs 155, including a premium of Rs 153 per warrant. 

Manan Shah, Managing Director of Man Infraconstruction, said, “The board’s approval for fund-raising is a significant step, and we are now awaiting shareholders’ approval. We see tremendous growth potential in the Indian real estate sector and are eager to capitalise on opportunities in the booming economy. Our commitment is unwavering to deliver sustainable growth and value to our shareholders.”

At 12:00 pm, the shares of Man Infraconstruction were trading 0.37% higher at Rs 189.15 on NSE.