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Business News/ Markets / Stock Markets/  Man Infraconstruction shares hit life-time high on fifth day in a row. Do you own?
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Man Infraconstruction shares hit life-time high on fifth day in a row. Do you own?

Man Infraconstruction plans to raise approximately ₹550 crores through the issuance of convertible equity warrants via Preferential Issue, subject to necessary approvals

Stock market today: Man Infraconstruction share price has been hitting life-time high since 24th Novembr 2023.Premium
Stock market today: Man Infraconstruction share price has been hitting life-time high since 24th Novembr 2023.

Man Infraconstruction share price has been in bull trend for the last few sessions. This construction company share has been climbing to a new peak for the lst five straight sessions. Man Infraconstruction share price hit life-time high on Friday 24th November 2023. After that the stock wetn on to touch all time high on following Tuesday, Wednesday and Thursday sessions as Monday was stock market holiday for Gurunanak Jayanti celebration.

Man Infraconstruction share price today opened upside at 197.65 apiece levels on NSE and went on to hit new life-time high of 209.85 per share levels within few mintues of stock market's opening bell.

Man Infraconstruction share price history

In last one month, Man Infraconstruction share price has surged from 151 per share to 209.85 apiece levels on NSE, logging around 35 per cent appreciation in this time. However, in last six months, this construction stock has delivered multibagger return to its shareholders by delivering to the tune of over 110 per cent in this time. In YTD time, Man Infraconstruction share price has ascended from 75.50 per share to 209.85 per share levels, registering more than 165 per cent rise in 2023.

Also Read: All except two Nifty50 stocks gave positive returns in November; what lies ahead?

Man Infraconstruction news

Recently, Quant Mutual Fund and US-based foreign institutional investor (FII) Minerva Ventures Fund have invested in Indian stock Man Infraconstruction. These institutional investors invested in Man Infraconstruction company via preferential offer route.

Also Read: Nifty at record high; time to increase exposure to equities or turn cautious?

Man Infraconstruction fund raise

In a media release available in exchange filing on Indian bourses, the construction company announced on 29th November 2023 that company board has given its approval for a fund raising initiative of approximately amounting to 550 Crore. This will 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 of the company, wherever required.

The funds will be raised through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into 1 (one) Equity Share of the face value of 2 each on preferential basis at an issue price of 155 including premium of 153 per warrant. The total fund to be raised amounts to 550 crores.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 01 Dec 2023, 03:26 PM IST
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