Quant Mutual Fund, US-based FII Minerva Ventures Fund invest in Man Infraconstruction stock. Share hits record high
- Quant Mutual Fund has invested ₹27.12 crore in Man Infraconstruction paying ₹155 apiece
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. The board of directors of the company approved share allotment to these fund houses at a price of ₹155 per share.
Man Infra board approved 17.50 lakh shares to Quant Mutual Fund whereas Minerva Ventures Fund has been awarded 12.50 lakh company shares. This means, Quant Mutual Fund has invested ₹27,12,50,000 or in little excess of ₹27.12 crore while Minerva Ventures Fund invested ₹19,37,50,000 or around ₹19.37 crore.
Man Infraconstruction preferential issue details
Man Infraconstruction approved these shares after assessment of applications against its fund raise more via isuance of preferential shares. The company had announced ₹550,32,75,000 or ₹550 crore fund raise through issuance of 3,55,05,000 preferential shares. Preferential shares were issued on Wednesday during the board meeting. In this meeting, company board gave 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.
Stock at all-time high
After announcement of this stock market news, Man Infraconstruction share price witnessed strong buying interest in morning deals. Man Infraconstruction share price today opened flat but soon gathered momentum and hit life-time high of ₹195.85 on NSE.
"The decision to raise funds is attributed to the current positive trend in the real estate sector, coupled with the Company's established track record in project execution and a strong balance sheet. The fund infusion, as proposed through the preferential issue of convertible equity warrants, is expected to support and drive robust growth in the Company's business in the future," Man Infraconstruction said in exchange filing.
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