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.

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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.