Ashish Kacholia's Grand Entry: 13,62,395 Shares Allotted in Small-Cap Multibagger Gem, Padma Shri Holder Appointed Independent Director, Order Book Soars to Rs 1,300 Crore!

His pivotal role in Reliance's notable gas discovery in the KG Basin and the prestigious Padma Shri award underscore his formidable credentials.

In a noteworthy turn of events, the Board of Directors of Man Industries convened on Monday, February 5, to deliberate upon and sanction the preferential allotment of 68,11,945 equity shares at Rs 367 per share to 15 non-promoter investors. This eclectic group comprises individuals, partnership firms, alternative investment funds, and mutual funds, collectively contributing to a substantial infusion of approximately Rs 250 crores into the company's coffers. The allotment, however, is contingent upon obtaining shareholder approval, a matter slated for discussion at the forthcoming Extraordinary General Meeting scheduled for February 29, 2024.

The roster of the 15 non-promoter preferential allottees is as follows:

1. Ashish Kacholia (Individual)

2. RBA & Finance Investment Co. (Partnership Firm)

3. Turnaround Opportunities Fund (Alternative Investment Fund)

4. 360 One High Growth Companies Fund (Alternative Investment Fund)

5. 360 One Equity Opportunity Fund (Alternative Investment Fund)

6. Bandhan Small Cap Fund (Mutual Fund Scheme)

7. Bandhan Multicap Fund (Mutual Fund Scheme)

8. Bandhan Multi Asset Allocation Fund (Mutual Fund Scheme)

9. Bandhan Infrastructure Fund (Mutual Fund Scheme)

10. ITI Multi Cap Fund (Mutual Fund Scheme)

11. ITI Flexi Cap Fund (Mutual Fund Scheme)

12. ITI Mid Cap Fund (Mutual Fund Scheme)

13. ITI Large Cap Fund (Mutual Fund Scheme)

14. ITI Value Fund (Mutual Fund Scheme)

15. Emkay Emerging Stars Fund – VI (Alternative Investment Fund)

In another significant stride, the board appointed Dr. Rabi Bastia as an additional independent director, a tenure extending over 5 years, contingent upon shareholder nod. Dr. Bastia brings a wealth of experience, boasting more than three decades of prominence in the oil and gas industry. His pivotal role in Reliance's notable gas discovery in the KG Basin and the prestigious Padma Shri award underscore his formidable credentials.

Furthermore, it is noteworthy that Ace Investor Ashish Kacholia is poised to receive a maximum allotment of 13,62,395 equity shares. The current unexecuted order book stands at an impressive Rs 1300 crore, slated for completion within the next 5 months. Notably, Man Industries has recently set an industry benchmark through the successful testing of hydrogen transportation pipes, validated by a prestigious international testing agency. This achievement positions the company strategically to seize the first-mover advantage and secure a substantial order book in the future.

Adding to the company's robust standing is its enviable financial position, characterized by a debt/equity ratio of -0.1x and a Net Cash position. The stock has delivered remarkable returns, exceeding 400 per cent in the last year, solidifying its status as a multibagger stock in the market.

Disclaimer: The article is for informational purposes only and not investment advice.