Man Infra shares surge 6% to hit fresh highs as company receives nod for new project

Shares of Man Infraconstruction Ltd surged more than 6 per cent during the trading session on Tuesday after the company secured commencement certificate (CC) for its residential project in Mumbai. The company informed about the same through an exchange filing on Tuesday.

Man Infraconstruction (MICL) Group secures commencement Certificate (CC) for its uber luxurious residential project in Ghatkopar East, Mumbai introducing innovative community living concept, having carpet area of about 4 lakh square feet for sale, said the company in the filing.

Following the announcement, shares of Man Infraconstruction surged more than 6 per cent to Rs 212.65, hitting its new 52-week high, with a total market capitalization of close Rs 7,800 crore. The scrip had settled at Rs 200.05 in the previous trading session on Monday.

"We are happy to announce the receipt of commencement certificate from concerned authorities for our over 12,000 square meter gated community, uber-luxurious residential project of ten societies located at Ratilal B Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai, said Manan P Shah, Managing Director of the company.

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"MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-24. The company is expected to generate revenue of Rs 1,200 crore in next four years from this project," he added in the statement.

In November, Man Infra's board gave its approval for a fundraising initiative of approximately amounting to Rs 550 crore. This shall be accomplished through the issuance of convertible equity warrants via preferential issue, subject to the necessary statutory and regulatory approvals. The approval process includes seeking the nod from the shareholders, wherever required.

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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