Man Industries gallops as Bombay High Court approves Scheme of Arrangement

Man Industries (India) jumped 14.82% to Rs 55 at 14:29 IST on BSE after the Bombay High Court approved the Scheme of Arrangement between the company and Man Infraprojects and their respective shareholders and creditors.

The announcement was made after market hours yesterday, 6 April 2015

Meanwhile, the S&P BSE Sensex was down 149.65 points or 0.53% at 28,354.81

On BSE, so far 2.05 lakh shares were traded in the counter as against average daily volume of 72,412 shares in the past one quarter.

The stock hit a high of Rs 55.55 and a low of Rs 50.05 so far during the day. The stock hit a 52-week high of Rs 94 on 1 December 2014. The stock hit a 52-week low of Rs 44.40 on 31 March 2015.

The small-cap company has an equity capital of Rs 28.55 crore. Face value per share is Rs 5.

Man Industries (India) said that High Court of Judicature at Bombay in the company's Scheme Petition No. 658/659 of 2014 has approved the Scheme of Arrangement between the company and Man Infraprojects and their respective shareholders and creditors. Upon implementation of the Scheme, each shareholder of Man Industries (India) shall be entitled to receive on the record date, one fully paid-up equity share of Rs 5 each of Man Infraprojects for every one fully paid-up equity share of Rs 5 held by them in Man Industries (India).

Man Industries (India)'s net profit fell 22.1% to Rs 1.87 crore on 34.8% growth in net sales to Rs 195.41 crore in Q3 December 2014 over Q3 December 2013.

Man Industries (India) is a leading manufacturer of saw pipes (line pipes) and coating systems for high-pressure oil & gas applications with a potential production capacity of approximately one million MT of saw pipes per annum.

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