Man Infra shares jump 15% to hit fresh 52-week high as board mulls fundraising plans

Shares of Man Infraconstructions Ltd surged more than 15 per cent during the trading session on Thursday after the company announced its board meeting to consider fundraising plans in its upcoming board meeting. The company informed about the same through an exchange filing on Wednesday.

The company board is scheduled to meet on Wednesday, November 29, to consider the proposal for raising of funds by way of issue of one or more of instruments comprising equity shares, convertible securities of any other description or warrants or debt securities, said the exchange filings.

"The fundraising is likely to done by means of private placement, preferential issue/qualified institutions placement or such other methods or combinations thereof as may be decided by the board and to approve ancillary actions for the above mentioned fund raising, subject to such statutory/regulatory approvals as may be necessary, including the approval of the shareholders," it added.

Following the announcement, shares of Man Infraconstructions surged more than 15 per cent to Rs 182.75, hitting its new 52-week high, with a total market capitalization of more than Rs 6,700 crore. The scrip had settled at Rs 158.75 in the previous trading session on Wednesday.

Man Infraconstructions' shares have delivered a return of more than 175 per cent from its 52-week low at Rs 66.25 hit in March 2023. The stock has delivered about 35 per cent return in the last three months, while the stock is up 27 per cent in the last one-month period.

Man Infraconstruction reported a net profit of Rs 44.84 crore with a revenue from operations at Rs 113.06 crore in the quarter ended on September 30, 2023. The company has been consistently reducing debts.

Man Infraconstruction is an integrated EPC (engineering, procurement & construction) company with experience and execution capabilities in port, residential, commercial, industrial and road construction segments  with projects spanning across India.

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