Man Industries allot Rs 50 crore worth shares to Ashish Kacholia

Ashish Kacholia received 13.62 lakh shares for almost Rs 50 crore. This is a 1.96 percent stake in the company

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Man Industries (India) allotted Rs 250 crore worth of shares to investor Ashish Kacholia, RBA and Finance Investment company and 5 other funds on a preferential basis.

The company in its exchange filing, informed 68.11 lakh shares at Rs 367 per share which amounts to Rs 249.99 crore has been allotted to 15 different investors.

Ashish Kacholia received 13.62 lakh shares for almost Rs 50 crore. This is a 1.96 percent stake in the company.

RBA Finance and Investment Company also received 13.62 lakh shares worth Rs 49.99 crore.

Turnaround Opportunities AIF, 360 one AIF, Bandhan Mutual Fund, ITI Mutual Fund and Emkay AIF are other investors, who got shares allotted.

Man Industries manufactures and exports Longitudinal Submerged Arc Welded Pipes (LSAW) and Helically Submerged Arc Welded Pipes (HSAW). The company’s products are used across industries like oil and gas, water sector, hydrocarbon and CGD sectors.

In its Q3 results, Man Industries’ revenue rose 26.58 percent to Rs 833.02 crore in the October to December quarter in FY24. Net profit was down 17.74 percent to Rs 30.60 crore.

Shares of Man Industries have almost tripled in the last 6 months. The stock closed flat in NSE at Rs 453.7.

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