Man Infraconstruction Limited has confirmed that there has been no deviation or variation in the use of proceeds from its preferential issue of convertible warrants. This statement covers the quarter ended September 30, 2026. The company’s confirmation aligns with the objects as stated in the Extraordinary General Meeting explanatory statement, with the Audit Committee reviewing and approving this declaration.
Confirmation of Fund Utilization
Man Infraconstruction Limited has issued a formal statement confirming that there has been no deviation or variation in the utilization of funds raised through its preferential issue of convertible warrants. This declaration pertains specifically to the financial quarter that concluded on September 30, 2026.
Alignment with Stated Objects
The company’s confirmation aligns with the originally stated objects for which the funds were raised, as detailed in the explanatory statement provided to shareholders. This statement was read in conjunction with a corrigendum to the Notice of the Extraordinary General Meeting held on December 23, 2023.
Audit Committee Approval
The statement confirming the absence of any deviation or variation in the utilization of these proceeds for the quarter ended September 30, 2026, has been duly reviewed and approved by the company’s Audit Committee. This review and approval took place at the committee’s meeting held on October 29, 2026.
Key Financials of Fund Raising
The preferential issue of convertible warrants was undertaken on January 23, 2024, and raised an amount of Rs. 5,12,64,08,000/- (Five Hundred Twelve Crores Sixty Four Lakhs Eight Thousand Only). The funds were earmarked for specific objectives. The report filed for the quarter ended September 30, 2026, indicates a total fund utilization of Rs. 233.153 Crores against an original object allocation of Rs. 258.000 Crores for expanding the EPC and real estate business by acquiring new projects. Other allocations include Rs. 5.000 Crores for purchase of fixed assets and Rs. 100.286 Crores for general corporate purposes.
Source: BSE
