Quant Mutual Fund, US-based FII Minerva Ventures Fund invest in Man Infraconstruction stock. Share hits record high

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Man Infraconstruction. These institutional investors invested in Man Infraconstruction company via preferential offer route. The board of directors of the company approved share allotment to these fund houses at a price of ₹155 per share.

Man Infra board approved 17.50 lakh shares to Quant Mutual Fund whereas Minerva Ventures Fund has been awarded 12.50 lakh company shares. This means, Quant Mutual Fund has invested ₹27,12,50,000 or in little excess of ₹27.12 crore while Minerva Ventures Fund invested ₹19,37,50,000 or around ₹19.37 crore. Also Read: Balrampur Chini share price at 52 week high as sugar producers remain in focus Man Infraconstruction approved these shares after assessment of applications against its fund raise more via isuance of preferential shares.

The company had announced ₹550,32,75,000 or ₹550 crore fund raise through issuance of 3,55,05,000 preferential shares. Preferential shares were issued on Wednesday during the board meeting. In this meeting, company board gave its approval for a fund raising initiative of approximately amounting to ₹550 crore.

Also Read: 5 factors that can propel Nifty 50 to fresh peaks in December This will be accomplished through the issuance of convertible equity warrants via Preferential Issue, subject to the necessary statutory and regulatory approvals. The approval process includes seeking the nod from the shareholders of the company, wherever required. After announcement of this stock market news, Man Infraconstruction share price witnessed strong buying interest in morning deals.