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 notice for its Extra-Ordinary General Meeting (EGM) scheduled on June 25, 2025. The corrigendum updates details of two preferential issues: (1) up to 12,19,512 convertible warrants to the promoter group at Rs. 5 face value, raising around Rs. 40 crore, and (2) equity shares worth approximately Rs. 260 crore to proposed allottees at Rs. 328 per share. The Rs. 260 crore equity issue proceeds will be used for capex and expansion in Saudi Arabia and Jammu & Kashmir (Rs. 130 crore), working capital (Rs. 104 crore), and general corporate purposes (Rs. 26 crore), to be deployed within 18 months. The warrant issue proceeds of Rs. 40 crore will go toward working capital (Rs. 35 crore) and general corporate purposes (Rs. 5 crore). CRISIL Ratings has been appointed as the monitoring agency since the equity issue exceeds Rs. 100 crore. The corrigendum also clarifies lock-in norms, beneficial owner details, and notes that 25 lakh shares were earlier allotted to Man Finance Private Limited on May 28, 2025, upon warrant conversion.
The company is planning a sizeable capital raise of around Rs. 300 crore through preferential allotment, which will lead to equity dilution for existing shareholders. However, promoter participation and the deployment of funds into expansion (Saudi Arabia, J&K) and working capital suggest growth-oriented use of capital, which could be viewed positively if execution stays on track.