Mumbai, September 07, 2020: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies has approved to issue in aggregate and up to 30,00,000 warrants convertible equity shares on a preferential basis to M/s Man Finance Private Limited (Promoter group entity). The approved shares issue is more than 5% of the company’s equity share capital. This is in compliance with provisions of SEBI ICDR Regulations, 2019 and other applicable laws, subject to the approval of the shareholders in the ensuing Annual General Meeting scheduled on 30th September 2020.
The warrants will be issued at Rs. 65/- each, which is higher than the minimum prices, arrived at as per SEBI ICDR Regulations, 2018 and also more than the present market price.
Commenting on the announcement, Dr. R.C. Mansukhani, Chairman said “This will turn out to be an excellent investment avenue for us with an outcome for promising returns. Despite the current crisis, we are witnessing good response from domestic as well as international market on the back of revival of demand from key geographies and domestic sector. The company continues to have a robust book of outstanding bids for more than Rs. 1,80,000 Mn at various stages of evaluation for several Oil, Gas and Water projects in India and abroad. The company, therefore, expects good order inflow in the near future.”
He added, “This provides us with a great opportunity to show confidence in our business and in the future outlook of the company.”