Man Infraconstruction board approves up to Rs 550 crore fundraise

EPC company Man Infraconstruction on Wednesday said its board has approved raising up to Rs 550.23 crore via issue of warrant on preferential basis. The go-ahead was given during the meeting of the board held on Wednesday.

"The board of directors of Man Infraconstruction... has considered and approved raising of funds through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into one equity share of the face value of Rs 2 each to certain non-promoter investors on preferential basis," the company said in a filing to the BSE.

However, this approval is subject to the shareholders' approval in the ensuing general meeting.