Man Infraconstruction announces redevelopment of project in Mumbai's Bandra - Details
Earlier this month, the company's board approved raising up to Rs 550.23 crore via the issue of warrant on a preferential basis.
![Man Infraconstruction announces redevelopment of project in Mumbai's Bandra - Details](https://cdn.zeebiz.com/sites/default/files/2023/12/29/274596-infrastructure.jpg?im=FitAndFill=(1200,900))
Man Infraconstruction Limited, an integrated EPC (Engineering, Procurement and Construction) company, has announced the redevelopment of a project at the coveted Pali Hill, Bandra West. The property belongs to Virgo Co-operative Housing Society Limited.
According to an exchange filing, the redevelopment of the property will be undertaken by one of the associate entities of Man Infraconstruction Limited wherein it holds a 34 per cent stake.
The project has the potential to offer a carpet area for sale of about 50,000 sq. ft. area and is expected to generate a total revenue of about Rs 500 crores.
"We are delighted to share the news of our latest luxury development in one of the Mumbai's most sophisticated and affluent neighborhoods. Taking on this redevelopment opportunity, we are strategically expanding our real estate portfolio within the luxury segment, responding to the great demand and absorption in this segment," Manan Shah, the Managing Director of MICL Group, was quoted as saying in an exchange filing.
Earlier this month, the company's board approved raising up to Rs 550.23 crore via the issue of warrant on a preferential basis. The go-ahead was given during the meeting of the board held on Wednesday.
"The board of directors of Man Infraconstruction... Has considered and approved raising of funds through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into one equity share of the face value of Rs 2 each to certain non-promoter investors on preferential basis," the company had said in a filing to the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
03:08 PM IST