Man Infraconstruction slips after promoter pares stake

Man Infraconstruction fell 3.17% to Rs 45.85 at 15:30 IST on BSE after the company said one of its promoters sold around 6.5% of her stake in the company for various charity purposes.

The announcement was made during trading hours today, 7 December 2015.

Meanwhile, the BSE Sensex was down 108 points, or 0.42%, to 25,530.11.

On BSE, so far 24.65 lakh shares were traded in the counter, compared with an average volume of 18.17 lakh shares in the past two weeks.

The stock hit a high of Rs 48.70 and a low of Rs 45.50 so far during the day. The stock hit a 52-week high of Rs 52.15 on 25 May 2015. The stock hit a 52-week low of Rs 26.05 on 16 December 2014.

The small-cap company has an equity capital of Rs 49.50 crore. Face value per share is Rs 2.

Man Infraconstruction announced that a promoter, Mansi Parag Shah, sold 1.6 crore shares, amounting to approximately 6.5% of the equity holding of the company on 4 December 2015.

Subsequent to the sale, the total promoter holding in the company stands at approximately 60%. The sale proceeds of approximately Rs 74.90 crore will be used principally for various philanthropic activities, the company said in a statement.

The shares have been purchased by reputed investors, including Reliance Capital and Vanaja Sundar lyer, the company added.

As on 30 September 2015, total promoter holding in the company stood at 66.43%.

After the stake sale, Mansi Parag Shah's holding in the company declined to 15.35% from 21.81% as on 30 September 2015.

On a consolidated basis, Man Infraconstruction reported net loss of Rs 0.72 crore in Q2 September 2015 as against net profit of Rs 22.82 crore in Q2 September 2014. Net sales declined 1.56% to Rs 60.04 crore in Q2 September 2015 over Q2 September 2014.

Man Infraconstruction is a construction company. It provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.

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