MAN Industries Allots 2.5 Million Shares to Promoter Group

30 May 2025 CW Team

MAN Industries (India) Limited has allotted 2.5 million equity shares of face value Rs five each to Man Finance Private Limited (MFPL), a Promoter Group entity, upon conversion of warrants. The allotment was approved on May 28, 2025, following the Board's initial approval on December one, 2023.

The preferential allotment was made in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013. As a result, MFPL's shareholding has increased from 6.47 million shares (9.99 per cent) to 8.97 million shares (13.34 per cent).

This has also raised the overall Promoter and Promoter Group's shareholding in the company from 29.91 million shares (46.21 per cent) to 32.41 million shares (48.21 per cent). The newly issued shares will rank pari-passu with existing equity shares.

MAN Industries is a leading manufacturer of large diameter carbon steel line pipes, serving sectors such as oil and gas, water, fertilisers, and city gas distribution. It is currently expanding capacity, including a Rs six billion plant in Dammam, Saudi Arabia.

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