Maan Aluminium Limited has informed the Exchange about Intimation Of Receipt Of In-Principal Approval From National Stock Exchange Of India Limited And BSE Limited For Issue Of Equity Shares To Promoter And Non-Promoter Category On A Preferential Basis
MAANALU · price
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On the reaction day the stock moved 2.7 pts less than Nifty Microcap 250 and 1.9 pts less than its Aluminium peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Maan Aluminium Limited has received in-principle approval from both NSE and BSE to issue 59 lakh equity shares of Rs. 5 face value each on a preferential basis. The shares will be allotted at a price of not less than Rs. 141 per share, to both promoter and non-promoter category allottees. The minimum total issue size works out to approximately Rs. 83.19 crore. The approval is subject to the company complying with SEBI (ICDR) Regulations, filing a listing application within 20 days of allotment, and obtaining all other statutory clearances.
This signals a near-term capital infusion of around Rs. 83 crore which could strengthen the company's balance sheet, but it also means equity dilution for existing shareholders. The stock may see some short-term pressure until the preferential price of Rs. 141 is fully absorbed by the market.