The proposal includes the issuance of 12,19,512 convertible warrants to Man Finance at Rs 328 each, aggregating approximately Rs 39.99 crore. Additionally, 79,26,822 equity shares will be allotted to non-promoters at the same price, totaling around Rs 259.99 crore.
The funds are intended to support ongoing capital expenditure for expansion projects in Jammu and Saudi Arabia, enhance working capital, and strengthen the balance sheet. An Extraordinary General Meeting (EGM) is scheduled for 25 June 2025, to seek shareholder approval.
Nikhil Mansukhani, Managing Director, stated, “The proposed capital raise marks a significant step toward reinforcing our growth strategy. It will enable us to enhance execution capabilities, support strategic expansion, and continue delivering value to our stakeholders.”
Man Industries is a leading manufacturer and exporter of large-diameter carbon steel line pipes for various high-pressure transmission applications for gas, crude oil, petrochemical products, and potable water.
The company reported a consolidated net profit of Rs 68.1 crore in Q4 FY25, which is nearly three times the PAT of Rs 24.1 crore recorded in Q4 FY24. Revenue from operations increased by 50.3% year-over-year (YoY) to Rs 1,218.5 crore in the March 2025 quarter.
Shares of Man Industries declined 1.12% to Rs 398.65 on the BSE.