Man Infraconstruction disclosed a substantial share acquisition by co-promoter Parag K. Shah under SEBI Takeover Regulations, highlighting continued promoter confidence in the infrastructure company's growth trajectory.

Regulatory Disclosure Details

The company filed mandatory disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the share purchase transaction by promoter Parag K. Shah through open market operations.

Shareholding Pattern Changes

The acquisition resulted in marginal changes to the promoter group's shareholding structure, with Parag K. Shah's individual holding increasing while maintaining the overall promoter group dominance.

Market Significance

The open market purchase by a promoter demonstrates positive sentiment from company insiders who possess intimate knowledge of operational performance and strategic initiatives. The transaction maintains the promoter group's strong control over the company with a combined holding exceeding 62% of total equity.

Compliance Framework

The disclosure was filed with both National Stock Exchange of India Limited and BSE Limited, ensuring full regulatory compliance. The authorized signatory Amit Bhansali executed the filing on behalf of Parag K. Shah, maintaining proper corporate governance protocols for such substantial acquisition disclosures.

Man Infraconstruction Limited has achieved a significant regulatory milestone with the receipt of Intimation of Disapproval (IOD) from local municipal authorities for its ultra-luxurious residential redevelopment project at Pali Hill, Bandra West, Mumbai. The project represents a strategic entry into one of Mumbai's most prestigious residential micro-markets with estimated sales potential exceeding ₹500 crore.

Project Details and Financial Scope

The Pali Hill redevelopment involves the transformation of Virgo CHS Limited into an ultra-luxury residential address. Located in what is widely regarded as part of Mumbai's 'billionaire's row', the project targets the premium residential segment with substantial revenue projections.

Development Timeline and Current Status

With the IOD approval secured, the project has crossed an important regulatory hurdle. The residential site has been fully vacated and is now ready for demolition activities, which will precede the construction phase. The company is preparing for a formal project launch in the coming quarter while pursuing other requisite approvals.

Strategic Positioning and Market Outlook

Managing Director Manan Shah emphasized the project's strategic importance, stating that Pali Hill remains one of Mumbai's most established luxury residential micro-markets. The neighbourhood has consistently attracted influential personalities across business, arts, and public life, reinforcing its stature as one of Mumbai's most distinguished residential enclaves.

The project aligns with the company's strategy of selective participation in high-entry-barrier micro-markets that offer strong absorption potential and healthy realisation prospects. This development is expected to strengthen MICL's presence in Bandra West and contribute meaningfully to long-term value creation for stakeholders.

Source: None/Company/INE949H01023/39d7a5af-1146-45c7-ad80-d2e97cdef38c.pdf