The proposal includes the issuance of 12,19,512 convertible warrants to Man Finance Private Limited at ₹328 each, aggregating approximately ₹39.99 crore. Additionally, 79,26,822 equity shares will be allotted to non-promoters at the same price, totaling around ₹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 June 25, 2025, to seek shareholder approval.
MAN Industries operates in the manufacturing of large diameter carbon steel line pipes and is expanding its product offerings to include stainless-steel seamless pipes. The company is also setting up a new plant in Dammam, Saudi Arabia, with an investment of approximately ₹600 crore.
