MAN INFRACONSTRUCTION LIMITED confirmed that there was no deviation or variation in the utilization of funds raised via the Preferential Issue of Convertible Warrants ending December 31, 2025. The total funds raised amounted to Rs. 512.64 Crores. The utilization plan, reviewed by the Audit Committee on February 11, 2026, showed that Rs. 95.12 Crores were utilized for expanding the EPC and real estate business during the quarter.
Confirmation of Fund Utilization for Q3 FY2026
MAN INFRACONSTRUCTION LIMITED has formally submitted its compliance statement regarding the use of proceeds from the Preferential Issue of Convertible Warrants, covering the quarter ended December 31, 2025. The company asserts that there has been no deviation or variation from the stated objects for which the funds were originally raised.
Details of Funds Raised and Utilized
The original Date of Raising Funds was January 23, 2024. The total Amount Raised was Rs. 5,12,64,08,000/- (or Rs. 512.64 Crores). The monitoring agency appointed for this process was ICRA Limited.
A footnote clarifies that while 3,50,46,100 warrants were issued, only 3,24,16,100 were converted. Consequently, the actual net proceeds accounted for were Rs. 512.641 crore.
Quarterly Utilization Summary (Ended Dec 31, 2025)
The Audit Committee and the Board reviewed and approved the utilization statement on February 11, 2026. The table below details the allocation and utilization against the objects:
Original Object 1: Expanding EPC and real estate business
- Original Allocation: 258.000 Crores
- Funds Utilized (This Quarter): 95.12 Crores
- Deviation: No Deviation
Original Object 2: Purchase of fixed assets (Plant and Machinery)
- Original Allocation: 30.000 Crores
- Modified Allocation: 5* Crores (Note: The asterisk indicates a modification approved on November 12, 2025)
- Funds Utilized (This Quarter): NIL
- Deviation: No Deviation
Original Object 3: Deployment towards working capital requirements
- Original Allocation: 125.000 Crores
- Funds Utilized (This Quarter): 110.08 Crores
- Deviation: No Deviation
Original Object 4: General Corporate Purposes
- Original Allocation: 130.215 Crores
- Modified Allocation: 124.64* Crores
- Funds Utilized (This Quarter): 16.25 Crores
- Deviation: No Deviation
Committee Review Confirmation
The report confirms that there were No Comments from the Audit Committee or the external auditors following their review of the utilization statement. The company maintains that all utilization activities align with the objects disclosed in the initial fundraising documentation.
Source: BSE
