Man Infraconstruction’s Multibagger Stock Surges After Rs 34.48 Crore Warrant Conversion
Shares of Man Infraconstruction Ltd, a prominent Mumbai-based infrastructure and real estate company, are expected to be in the spotlight on Monday, 14 July, following the company’s announcement of a preferential allotment of 29.66 lakh equity shares through the conversion of warrants, amounting to ₹34.48 crore.
The allotment, approved by the board’s Allotment Committee on 11 July 2025, follows the exercise of rights by warrant holders who opted to convert their holdings into equity shares. Each warrant was converted at ₹116.25, which represents 75 per cent of the total issue price of ₹155 per warrant. The remaining 25 per cent was presumably paid at the time of initial issuance.
The equity shares, having a face value of ₹2 each, will rank pari-passu with the company’s existing equity shares in all respects, including dividend eligibility and voting rights.
Share Capital Now at ₹77.56 Crore
Following this allotment, the subscribed and paid-up share capital of Man Infraconstruction has increased from ₹76.96 crore to ₹77.56 crore, comprising over 38.77 crore equity shares. The company also revealed that 1.85 crore convertible warrants remain outstanding, which can be converted into equity within 18 months from the original allotment date, with a further payment of ₹116.25 per warrant.
The funds raised through the warrant conversion are likely to bolster the company's balance sheet and working capital, given the capital-intensive nature of its business, which spans engineering, procurement and construction (EPC) in ports, real estate, and urban infrastructure.
Stellar Long-Term Performance
Man Infraconstruction has emerged as a multibagger stock, posting a remarkable 1384.11 per cent return over the past five years. This makes it one of the standout performers in India’s mid-cap real estate space.
Despite some short-term volatility — the stock fell 1.57 per cent to close at ₹182.10 on the BSE on Friday — it remains up 25.28 per cent for the current quarter. The stock, however, has corrected 9.54 per cent over the past year, possibly due to profit-booking and broader market weakness.
Why the Focus Now?
The company’s decision to issue equity through warrant conversion comes at a time when infrastructure-focused businesses are experiencing renewed investor interest due to government capex push, smart city development, and housing demand. Analysts believe such moves signal management confidence and pave the way for future fund-raising rounds.
A senior analyst tracking real estate stocks remarked, “This conversion not only enhances the company’s capital base but also reaffirms promoter and institutional investor faith in Man Infra’s long-term prospects. The remaining 1.85 crore warrants could bring in an additional ₹215 crore, if fully converted.”
What’s Ahead?
Market watchers will keep a close eye on the stock on Monday to assess how investors react to the news. Analysts also expect the company to announce new project wins or partnerships in the coming quarters to maintain the growth trajectory that made it a five-year outperformer.
The company has not yet announced how it plans to deploy the funds raised, but given its real estate and infrastructure portfolio, the capital may be used to strengthen its EPC order book or expand into newer geographies.
