Man Industries’ Share Allotment: 46.32 Lakh Shares Allocated to Key Investors

On Wednesday, pipe manufacturer Man Industries (India) Ltd announced that the company had allotted 46.32 lakh shares to marquee investors and financial institutions.

Key Investors and Allocation Details

On March 13, 2024, Man Industries Ltd allotted 46.32 lakh shares at ₹367 per share, amounting to approximately ₹170 crore.

On March 13, 2024, Man Industries (India) Limited informed the Stock Exchanges about allotting shares to marquee investors and financial institutions: Ashish Kacholia and Group and 8 other renowned funds. Along with Ashish Kacholia, other investors who got shares allotted were RBA & Finance Investment Co, Turnaround Opportunities AIF, Emkay AIF, 360 One AIF and ITI Mutual Fund.

Ace investor Ashish Kacholia and the group were allotted 27.24 lakh shares for approximately ₹100 crore, equivalent to a 4.2% stake in Man Industries Limited. The pipe manufacturer will be using these funds for upcoming capex expansion programmes.

RBA & Finance Investment Co was allocated 13.62 lakh shares, which is about a 2.10% stake; A scheme of 360 One Opportunities Fund, Category III AIF, Turnaround Opportunities Fund was allocated 7.14 lakh shares, comprising a 1.10% stake; and Emkay Emerging Stars Fund was allocated 2.72 lakh shares, amounting to 0.42% stake.

360 One Equity Opportunity Fund (a scheme of 360 One Opportunities Fund, Category III AIF), ITI Multi Cap Fund, ITI Flexi Cap Fund, ITI Mid Cap Fund, ITI Large Cap Fund, ITI Value Fund were allocated 1.03 lakh shares, 2.45 lakh shares, 1.91 lakh shares, 1.63 lakh shares, 1.09 lakh shares and 1.09 lakh shares, respectively.

About Man Industries (India) Ltd

Man Industries Ltd is one of the largest manufacturers and exporters of LSAW (Longitudinally Submerged Arc Welding) and HSAW (Helical Submerged Arc Welded) pipes in India. The company has a total installed capacity of more than 1 million tonnes. Man Industries Ltd is one of the leading manufacturers of large-diameter pipes, and it has about 30 years of experience and a presence in the pipe industry. Man Industries Ltd is a flagship company of the diversified group, the Man Group.

On Thursday, March 14, 2024, the shares of Man Industries (India) Ltd opened at ₹324 on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.