Man Infra shares jump 13%, records new all-time high

livemint.com:

Man Infraconstruction, a leading construction company, jumped nearly 13%, hitting an all-time high of ₹178.95 apiece in early trade on Thursday, driven by the company's proposed fundraising plans. In an exchange filing on Wednesday, the company announced that its Board of Directors is scheduled to meet on November 29, 2023.

The agenda of the meeting includes a proposal for raising funds through the issuance of various instruments, such as equity shares, convertible securities, warrants, or debt securities, through private placement, preferred issue, qualified institution placement, or a combination of these methods, as determined by the board. The proposal is subject to obtaining necessary statutory and regulatory approvals, including the approval of the shareholders of the company, according to the company's exchange filing.

Also Read: Primary market roars back as 3 of 4 IPOs sold out on Day One Man Infraconstruction is an integrated EPC (engineering, procurement, & construction) company with experience and execution capabilities in the port, residential, commercial & industrial and road construction segments, with projects spanning across India. After concluding FY23 with a notable decline of 35%, the company's shares staged a remarkable comeback in FY24, posting a substantial gain of nearly 20% in April.

This positive momentum was sustained in the following months, with the stock closing six out of the last seven months in positive territory. June emerged as the standout performer, witnessing a significant monthly gain of 23.60%.