Man Industries (India) Limited has informed the Exchange regarding a press release dated Jun 02, 2025, titled "Press Release / Media Release in respect of Fund Raising of ₹300 Crores through Preferential Issue.".
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Man Industries' Board, at its May 31, 2025 meeting, approved raising up to ₹300 Crores via a preferential allotment to the promoter group and select investors. The issue comprises 12,19,512 convertible warrants (₹328 each, ~₹39.99 Cr) to Man Finance Private Limited (promoter group) and 79,26,822 equity shares (₹328 each, ~₹259.99 Cr) to 26 non-promoter allottees. Notable investors include Ashish Kacholia (~₹30 Cr), Capri Global (~₹15 Cr), Carnelian Structural Shift Fund (~₹25 Cr), and foreign investor Ovata Equity Strategies Master Fund (~₹12 Cr). An EGM is scheduled for June 25, 2025 to seek shareholder approval. The funds will be used for capex on expansion projects in Jammu and a new ~₹600 Cr plant in Saudi Arabia, plus working capital and balance sheet strengthening.
Existing shareholders may see near-term dilution from the preferential issue, but the promoter group's own ~₹40 Cr participation and strong response from reputed investors like Ashish Kacholia signal management confidence. The capital supports aggressive growth, particularly the Saudi Arabia plant, which could drive long-term earnings — though execution and approval risks remain pending the EGM vote.