Man Ind rallies 9% on pref issue to Kobe Steel at premium

Man Ind received shareholders' nod to issue 1.82 mn equity shares to the Japanese steel-maker

Man Industries (India) has rallied 9% to Rs 110 after the company received shareholders' nod to issue up to 1.82 million equity shares to  Japanese steel-maker Kobe Steel on preferential basis, at a price of Rs165 per share.

Last month, India’s leading pipe manufacturing company announced strategic partnership with Kobe Steel, one of the leading steel manufacturers in Japan for future growth of the companies. Both the companies will jointly explore prospective business opportunities in the global steel pipe market and conduct joint research and development of products.

As many as a combined 187,573 shares have already changed hands on the counter so far, against an average sub 50,000 shares that were traded daily in past two weeks on the NSE and BSE.