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MAN Industries India Ltd, one of the leading large-diameter pipe manufacturing companies has approved to issue in aggregate and up to 3 million warrants convertible equity shares on a preferential basis to M/s Man Finance Pvt. Ltd (promoter group entity). The approved shares issue is more than 5 per cent of the company’s equity share capital. This is in compliance with provisions of the stock market regulator Securities and Exchange Board of India’s (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2019, and other applicable laws, subject to the approval of the shareholders in the ensuing annual general meeting scheduled on September 30.
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. RC 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 a good response from the domestic as well as the international market on the back of the revival of demand from key geographies and the domestic sector. The company continues to have a robust book of outstanding bids for more than Rs 1,80,000 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.”
Receives Rs 3.70 Billion Worth New Order from IHB
In another announcement, the company informed it had received a new order of approx. Rs 3.70 billion from IHB Pvt. Ltd. a joint venture of Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL). This order is meant to be executed in the current financial year.
On the new order announcement, Dr. R. C. Mansukhani, Chairman, Man Industries (India) Ltd said, “There has been an increased dependence on LPG which further increases the importance of the use of pipelines. By bagging the new order, we are ensuring that we are part of the overall growth of the economy and are on-course of continuous growth that can be witnessed by our current order book. This is the second order that we have received within a month’s time and will help us to accelerate our company’s growth path.”