Man Industries (India) (BOM:513269) will raise 3 billion Indian rupees through a preferential issue of equity shares and convertible warrants to promoter and non-promoter investors, according to a Monday filing on the local bourse.
The plan includes the issuance of 1,219,512 convertible warrants to Man Finance, a promoter group entity, at 328 rupees each, and the issue of 7,926,822 fully paid-up equity share at the same price to 26 non-promoters.
Proceeds will fund expansion projects in Jammu and Saudi Arabia, working capital, and balance sheet strengthening. The shareholder vote is set for June 25.
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