MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing company, has announced that Pursuant to the approval granted by the Shareholders at their Annual General Meeting held on 30th September 2020, and pursuant to the “In-principle Approval” granted by the NSE and BSE, the Allotment Committee of the Board of Directors of the Company has allotted 30,00,000 (Thirty Lakhs) Warrants convertible into Equity Shares to M/s Man Finance Private Limited, Promoter Group Entity on 09.11.2020, at an issue price of Rs. 65/- per warrant including a premium of Rs. 60/- per warrants on preferential basis in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Further, the Company has received from M/s Man Finance Private Limited 25% of the consideration amount aggregating to Rs. 4,87,50,000/- as required under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
As the Company has allotted warrants, there is currently no change in the paid-up share capital of the Company.
