Monitoring Agency Report for the Quarter ended on March 31, 2026 in relation to Preferential Issue of Warrants
MANINFRA · price
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Man Infraconstruction Limited received INR 512.64 crore from a preferential warrant issue (undersubscribed from the planned INR 543.22 crore). As of March 31, 2026, INR 355.51 crore (69%) has been utilized across four stated objects: INR 214.24 crore towards expanding EPC and real estate business, INR 125 crore fully deployed for working capital, INR 16.27 crore on general corporate purposes (issue-related expenses), and the remaining INR 5 crore for fixed assets still unutilized. The unspent balance of INR 157.13 crore is parked in fixed deposits with Bank of Baroda and Union Bank. ICRA, the monitoring agency, confirmed no material deviations from the revised objects approved by the Board in November 2025. All projects remain on schedule for FY2027 completion, with working capital deployment already completed. ICRA noted that utilization is in line with the change of objects approved by the Board resolution.
The warrant issue proceeds are being deployed as planned with no deviations flagged by the monitoring agency. The large unutilized balance (INR 157 crore) parked in FDs indicates a measured deployment pace, consistent with the company's project acquisition strategy for FY2027.