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Manaksia Coated Metals Approves Equity Warrants Issue to Propel Growth and Sustainability
Mumbai (Maharashtra) [India], December 30: Manaksia Coated Metals & Industries Limited (NSE: MANAKCOAT, BSE: 539046), a leading manufacturer and exporter of high-quality coated metal products, announced that its shareholders had approved a preferential issue of 2,07,00,000 Fully Convertible Warrants during the Extra-Ordinary General Meeting (EGM). Priced at ₹65 per warrant, this ₹134.55 crore fundraising will [...]
Mumbai (Maharashtra) [India], December 30: Manaksia Coated Metals & Industries Limited (NSE: MANAKCOAT, BSE: 539046), a leading manufacturer and exporter of high-quality coated metal products, announced that its shareholders had approved a preferential issue of 2,07,00,000 Fully Convertible Warrants during the Extra-Ordinary General Meeting (EGM). Priced at ₹65 per warrant, this ₹134.55 crore fundraising will support the company’s strategic plans for debt reduction, capacity expansion and a significant technology upgrade.
Going ahead, the capital raised will be utilised for a technology upgrade that transitions the company’s production capabilities to include the production of Alu-Zinc Coated Steel products. This upgrade will enhance production capacity from 132,000 MTPA to 180,000 MTPA, marking a 36% increase in output and corresponding revenue potential. Additionally, the company will take up a forward integration project involving a state-of-the-art steel coil coating line, which will increase Pre-painted Steel capacity from 86,000 MTPA to 236,000 MTPA, marking a 175% increase in capacity. The company also plans to establish a captive solar power plant in phases, aligning with its commitment to sustainable and energy-efficient operations.
