We are enclosing herewith the Monitoring Agency Report for the quarter ended March 31, 2025, issued by CRISIL Ratings Limited, duly reviewed and taken on record by the Audit Committee and the Board of Directors of the Company in their meeting held on May 12, 2025.
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Man Industries has submitted the final Monitoring Agency Report from CRISIL Ratings for its March 2024 preferential issue of equity shares, confirming that the entire issue proceeds of Rs 170 crore have been fully utilized. Of this, Rs 50 crore was deployed for working capital needs, Rs 95 crore for expansion of existing business (including Rs 2.92 crore as financial assistance to subsidiary Man Stainless Steel Tubes Limited for setting up a stainless steel tubes plant in Jammu and Anjar Kachchh, Gujarat), and Rs 25 crore for general corporate purposes. The original issue size of Rs 250 crore was reduced to Rs 170 crore due to undersubscription, and the expansion budget was correspondingly revised from Rs 175 crore to Rs 95 crore. During the quarter, the company also temporarily used Rs 8.125 crore of internal funds for issue-related spending due to business exigencies, which was later reimbursed from proceeds of matured fixed deposits. The report confirms no deviation from the stated objects and no major adverse events affecting the issue.
This is a routine regulatory filing confirming full and orderly use of the 2024 preferential issue proceeds with no deviations, which is a neutral-to-positive signal for shareholders as it closes the monitoring loop on the capital raise. The investment in the stainless steel tubes subsidiary signals ongoing capacity expansion in higher-value products.