Man Industries (India) Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
MANINDS · price
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Awaiting price reaction for this filing.
Man Industries has filed its quarterly statement confirming there is NO deviation or variation in the use of funds raised through two preferential issues. The first was a Rs. 10 crore issue of convertible warrants to promoters on August 2, 2025, fully utilised for General Corporate Purpose. The second was a Rs. 255 crore issue of equity shares to non-promoters on July 28, 2025, monitored by CRISIL Ratings. In Q3 FY26, the non-promoter issue deployed about Rs. 104 crore for working capital, Rs. 64 crore for expansion of existing business, and Rs. 21 crore for General Corporate Purpose, all in line with the originally disclosed plan. The audit committee and auditors have no adverse comments on the fund usage.
Positive signal for shareholders — the company is using the Rs. 265 crore raised through preferential issues exactly as promised to investors, with no misuse or change in purpose. The partial deployment of expansion capex (about 49% of allocated Rs. 130 crore utilised in the quarter) suggests ongoing capacity build-out, which is neutral to mildly positive for the stock.