The shares of the leading construction firm gained up to 15 percent to hit an all-time high price of Rs 182.75 per share on Thursday after the company plans to fundraise.
At 12:25 p.m., Man Infraconstruction Ltd shares were trading at a price of Rs 179.30 a share, up Rs 20.45 or 12.94 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 6,652 crore.
According to the Man Infra construction exchange filing, On November 29, 2023, The company’s board of directors will meet to discuss the proposal to raise funds through the issuance of one or more instruments.
Fundraising to include equity shares, convertible securities of any kind, warrants, or debt instruments, via Private Placement/Preferential Issue/Qualified Institutions Placement, or any other means or combination thereof.
Man Infraconstruction shares have delivered a return of 90 percent in the last six months and a multibagger return of 134 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.34 lakhs in a year.
The company’s revenue declined by 46 percent yearly, from Rs 401 crore in Q2FY23 to Rs 215 crore in Q2FY24. In the same time frame, the company’s net profit has marginally increased by 6.5 percent, from Rs 62 crore to Rs 66 crore.
The company promoters currently hold 67.15 percent of the company, while Foreign institutional investors hold 3.72 percent and Domestic institutional investors hold a 2.18 percent stake in the company.
Man Infraconstruction Limited is involved in the civil construction business. The company offers full-service engineering, procurement, and construction services in a diversified portfolio across port infrastructure, road infrastructure, residential, commercial, institutional, and industrial construction sectors.
Written by Omkar Chitnis
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