Man Industries (India) Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on Jun 25, 2025
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Man Industries has issued a corrigendum to the EGM notice (scheduled for June 25, 2025) for a proposed preferential issue of equity shares at Rs. 328 per share, with a total issue size of approximately Rs. 260 crore. The floor price was set at Rs. 327.87 per share, based on the 10-day volume weighted average price on NSE (higher than the 90-day VWAP of Rs. 284.82), as confirmed by an independent valuation report. Proceeds are earmarked for business expansion (Rs. 130 crore, including projects/acquisitions in Saudi Arabia and Jammu & Kashmir through wholly owned subsidiaries and stainless steel pipe/tube manufacturing), working capital (Rs. 104 crore), and general corporate purposes (Rs. 26 crore), to be utilized within 18 months. CRISIL Ratings has been appointed as the monitoring agency since the issue size exceeds Rs. 100 crore. The corrigendum also clarifies that the allotment will not result in a change of control, so an independent valuer's report is not mandatory under SEBI ICDR Regulation 166A.
If shareholders approve the resolution at the June 25 EGM, existing shareholders will face equity dilution, but the company will gain capital to fund expansion into Saudi Arabia and J&K markets and strengthen working capital. The issue price of Rs. 328 is at the floor price level, providing limited premium to recent trading, which may be closely watched by investors.