Man Infraconstruction Limited declared the results of its postal ballot on September 22, 2026, confirming the appointment of two new directors to its board. Shareholders voted overwhelmingly in favor of both resolutions, signaling strong confidence in the proposed leadership changes.

The postal ballot process, initiated following a Board resolution on August 12, 2026, sought approval for the appointment of Vatsal P. Shah as a Non-Executive, Non-Independent Director and Sivaramakrishnan S. Iyer as an Independent Director. The voting period for remote e-voting concluded at 5:00 pm on September 21, 2026.

Voting outcomes detailed

The scrutinizer’s report confirmed that Resolution 1 regarding Mr. Shah’s appointment received 99.57% support from shares voted. Resolution 2, concerning Mr. Iyer’s appointment as an Independent Director for a five-year term, secured 100.00% support (rounded off).

Note: Percentage rounded off.

What the numbers show

A divergence in voting patterns emerged between institutional and non-institutional public shareholders for the first resolution. While promoters voted 100% in favor, public institutions showed a split vote with 57.07% in favor and 42.93% against. In contrast, public non-institutions supported the resolution with 99.97% in favor. This suggests that while retail investors largely backed the appointment of Mr. Shah, institutional investors expressed significant reservations, though not enough to impact the overall outcome given the promoter group's dominant holding.

For the second resolution, both public institutions and non-institutions voted nearly unanimously in favor of Mr. Iyer’s appointment, indicating broader consensus on the addition of an independent director compared to the non-independent role.

Man Infraconstruction Limited repurchased 4,50,000 equity shares on September 22, 2026, at an average price of ₹123.83. This marks the thirteenth day of the open market buyback offer, which commenced on September 9, 2026.

The company utilized Nirmal Bang Securities Pvt. Ltd as the registered broker to execute purchases on the National Stock Exchange (NSE). No shares were purchased on the Bombay Stock Exchange (BSE) or the Mumbai Stock Exchange (MSEI). There were no closed-out quantities reported for the day.

Buyback Progress

The total value of the September 22 transaction was approximately ₹5.57 crore, calculated based on the disclosed volume and average price. The cumulative number of shares bought back has risen to 48,34,145 from 43,84,145 shares as of the previous reporting date. This progress represents a significant portion of the maximum buyback size of ₹169.29 crore approved by the Board. The company is obligated to utilize at least ₹126.97 crore (75% of the maximum size) during the offer period.

Offer Details

The buyback offer period lasts for up to 66 working days from the opening date, closing no later than December 16, 2026. The indicative maximum number of shares to be bought back is 99 lakh, representing 2.45% of the total paid-up equity share capital. Shareholders holding equity shares in dematerialized form are eligible to tender their shares. Physical shares cannot be accepted due to SEBI listing regulations.

Financial Context

Man Infraconstruction reported consolidated revenue from operations of ₹6,304.6 crore in FY26, down from ₹11,080.7 crore in FY25. Consolidated profit after tax stood at ₹2,110.0 crore in FY26, compared to ₹3,128.1 crore in the previous year. Accumulated reserves were ₹1,874.9 crore (standalone) and ₹2,038.5 crore (consolidated) as of March 31, 2026.