Man Infraconstruction Limited has informed the Exchange regarding allotment of 9529140 securities pursuant to Conversion of Warrants into Equity shares issued on Preferential basis at its meeting held on Jun 20, 2025
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Man Infraconstruction Limited has allotted 95,29,140 equity shares (face value Rs. 2 each) upon conversion of an equal number of warrants held by 14 allottees, all classified as non-promoters including a few MICL Group Employees. The conversion was at an issue price of Rs. 155 per share (including a premium of Rs. 153), with the company receiving Rs. 110.78 crore as the remaining 75% exercise price (Rs. 116.25 per warrant). The original warrants were allotted on January 23, 2024 as part of a larger pool of 3,50,46,100 warrants. After this allotment, the company's paid-up equity capital has risen from Rs. 75.06 crore (37.53 crore shares) to Rs. 76.96 crore (38.48 crore shares). About 2,14,77,800 warrants remain outstanding and can still be converted within the original 18-month window.
This is a dilution event for existing shareholders as ~95 lakh new shares are added, but the company strengthens its capital base by collecting ~Rs. 110.78 crore in cash. The conversion signals confidence from warrant holders, and further dilution is still possible as 2.14 crore more warrants remain convertible.