Man Infraconstruction Limited has confirmed that there have been no deviations or variations in the use of proceeds from its January 2024 preferential issue of convertible warrants. As of the quarter ended March 31, 2026, the company continues to utilize funds in alignment with the objects approved by its shareholders, following a minor revision in cost allocation sanctioned by the Board of Directors in November 2025.
Fund Utilization Overview
Following a review by the Audit Committee on May 13, 2026, Man Infraconstruction Limited has declared full compliance regarding the deployment of capital raised through its preferential issue. The total amount raised was ₹512.64 crore, which was earmarked for business expansion, working capital, and general corporate purposes. The management confirmed that the utilization of these funds remains consistent with the original objectives outlined during the fundraising process.
Strategic Allocation of Proceeds
The company provided a detailed breakdown of fund utilization for the quarter ending March 31, 2026. Key allocations include:
- EPC and Real Estate Projects: ₹214.24 crore utilized for expansion.
- Working Capital: ₹125.00 crore deployed to support existing and new project requirements.
- General Corporate Purposes: ₹16.26 crore utilized as of the reporting date.
It was noted that in November 2025, the Board of Directors approved a revision in the cost of objects, specifically adjusting allocations for fixed assets and general corporate purposes to better reflect the evolving operational needs of the business. Despite these adjustments, the company maintains that all expenditures are strictly in line with the authorized mandate.
Source: BSE
