Man Infraconstruction Limited has submitted the Monitoring Agency Report for the quarter ending December 31, 2025, concerning the utilization of proceeds from the preferential issue of convertible warrants. The total original cost of objects was ₹543.215 Crore, revised to ₹512.648 Crore due to warrant undersubscription. Utilization during the quarter amounted to ₹57.351 Crore, bringing the cumulative utilized amount to ₹221.454 Crore.
Monitoring Report Submission for Preferential Issue Warrants
Man Infraconstruction Limited submitted the required Monitoring Agency Report for the quarter ended December 31, 2025, covering the utilization of proceeds from the preferential issue of convertible warrants. This report was prepared by ICRA Limited, as mandated by regulatory requirements.
Issue Proceeds and Cost Revision
The initial Issue Size was INR 543.215 Crore. However, the Actual Net Proceeds received stood at ₹512.641 Crore as of December 31, 2025, primarily due to the undersubscription of warrants. Consequently, the total planned cost of the objects was revised downward from ₹543.215 Crore to ₹512.648 Crore.
Allocation of Revised Costs (in ₹ Crore)
- Expanding EPC and real estate business by acquiring new projects: ₹258.000 (Unchanged)
- Purchase of fixed assets including plant and machinery, etc.: Revised from ₹30.000 to ₹5.000
- Deployment towards working capital requirements of existing and new projects: ₹125.000 (Unchanged)
- General Corporate purpose: Revised from ₹130.215 to ₹124.641
The monitoring agency confirmed no material deviation was observed concerning the objects of the issue.
Utilization During Q3 FY2026
The utilization details for the quarter ending December 31, 2025, show that ₹57.351 Crore was utilized during the period. The major utilization occurred in the deployment towards working capital for existing and new projects (₹9.114 Crore) and expanding the EPC/real estate business (₹48.210 Crore).
Cumulative Utilization Summary (as of December 31, 2025)
- Total Utilized Amount: ₹221.454 Crore
- Total Unutilized Amount: ₹291.187 Crore
Deployment of Unutilized Proceeds
As of the end of the quarter, the total unutilized amount of ₹291.187 Crore was deployed primarily in short-term, liquid instruments. The majority of the funds were placed in Fixed Deposits across various banks (such as Bank of Baroda and Union Bank) and in Mutual Funds, predominantly overnight and ultra short-term plans, to maintain liquidity while earning interest.
General Corporate Purpose Utilization
The utilization for the General Corporate Purpose (GCP) was ₹16.250 Crore for Issue Related Expenses and Consulting Services. The report notes that this utilization is tracked until Q3FY26.
Source: BSE
