Radhakishan Damani’s son-in-law bought 32,40,000 & Quant Mutual Fund bought 17,50,000 shares from this multibagger stock via preferential issue with Rs 1,156 crore order book!

Kiran Shroff
/ Categories: Trending, Multibaggers
Radhakishan Damani’s son-in-law bought 32,40,000 & Quant Mutual Fund bought 17,50,000 shares from this multibagger stock via preferential issue with Rs 1,156 crore order book!

The stock gave multibagger returns of 190 per cent in just 1 year whereas BSE Small-cap Index is T per cent and a whopping 840 per cent in 3 years.

Today, the stock market was trading in green with the BSE Sensex Index up 0.27 per cent at a level of 70,560 and the NSE Nifty-50 Index up 0.30 per cent at a level of 21,302. About 2,338 shares have advanced, 1,279 declined, and 125 are unchanged on the BSE. 

Along with the market in green, one multibagger Small-Cap stock gained 1.9 per cent to an intraday high of Rs 221.05 per share from its previous closing of Rs 216.95. The stock’s 52-week high is Rs 230.95 and its 52-week low is Rs 66.25.  

The stock name is Man Infraconstruction Limited (MICL).

Man Infraconstruction Limited (MICL) is an integrated EPC (engineering, procurement & construction) company with experience and execution capabilities in port, residential, commercial & industrial and road construction segments. As of September 30, 2023, the company's order book stands at Rs 1,156 crore, with 86 per cent of the orders coming from infrastructure projects and 14 per cent from residential projects.

The Board of Directors of the company approved the allotment of 3,50,46,100 warrants at Rs 155 per share via preferential issue. The allotment committee decided to dispose off 200,000 warrants which remained unsubscribed. Further, we would like to confirm that the Company has received an amount of Rs. 1,35,80,36,375 at the rate of Rs 38. 75 per Warrant, being 25 per cent of the issue price as an upfront payment.  

In the preferential issue, Radhakishan Damani’s son-in-law (Aditya S Chandak) bought 32,40,000 & Quant Mutual Fund bought 17,50,000 shares via this allotment of shares. Along with them, various non-promoters took part in the allotment.

Earlier, Man Infraconstruction Group elevates Mumbai living with a limited-edition luxury project at Pali Hill, Bandra West. This architectural marvel redefines sophistication, offering meticulous attention to detail and a rare opportunity for discerning residents to experience luxury as a way of life. The project promises an exceptional living experience within 50,000 sq. ft. of prime real estate, poised to generate Rs 500 crore.

The company reported positive financial results in both its quarterly report (Q2FY24) and annual report (FY23). The shares of the company have an ROE of 26.40 per cent and an ROCE of 32 per cent. The stock gave multibagger returns of 190 per cent in just 1 year whereas BSE Small-cap Index is up 54 per cent and a whopping 840 per cent in 3 years. Investors should keep an eye on this small-cap stock.

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