Man Infraconstruction Limited has received a reaffirmation of its credit ratings from CARE Ratings Limited for its bank facilities, indicating the company's stable financial position in the infrastructure sector.

Rating Details

Key Highlights

• The total rated facilities amount to Rs. 419.50 crores.
• Long-term bank facilities of Rs. 32.50 crores maintained a CARE A+; Stable rating.
• Long-term/short-term bank facilities of Rs. 387.00 crores (reduced from Rs. 442.00 crores) maintained the CARE A+; Stable/CARE A1 rating.

Implications of the Ratings

The reaffirmation of these ratings by CARE Ratings suggests that Man Infraconstruction Limited continues to demonstrate a strong degree of safety regarding timely servicing of financial obligations. This stability in ratings may positively impact the company's ability to secure financing and maintain investor confidence.

Breakdown of Facilities

Long-Term Facilities

The long-term facilities, totaling Rs. 32.50 crores, are fund-based limits provided by:

• Union Bank of India: Rs. 17.50 crores
• Bank of Baroda: Rs. 15.00 crores

Long-Term/Short-Term Facilities

These facilities, amounting to Rs. 387.00 crores, are non-fund based limits, provided by:

• Bank of Baroda: Rs. 225.00 crores
• Union Bank of India: Rs. 162.00 crores

The reaffirmation of these ratings comes after CARE Ratings' review of recent developments, including the operational and financial performance of Man Infraconstruction Limited. This assessment considered the company's financial results and their potential impact on its credit profile.

For investors and stakeholders in the infrastructure sector, this rating reaffirmation serves as a positive indicator of Man Infraconstruction Limited's financial health and its ability to meet financial commitments.

Man Infraconstruction Limited , a prominent player in the infrastructure sector, witnessed a notable shift in its promoter shareholding pattern in early September. The company's promoters engaged in a series of equity share transactions in the open market, resulting in a redistribution of shares within the promoter group while maintaining the overall promoter stake.

Key Transaction Details

The transactions, which took place between September 1-4, involved two key promoters:

• Parag K. Shah acquired a total of 5,36,440 shares
• Vatsal P. Shah disposed of an equal number of shares

The share transfers were executed across three trading sessions:

Impact on Shareholding

As a result of these transactions, there were significant changes in the individual shareholdings of the involved promoters:

• Parag K. Shah's shareholding increased to 11,90,83,405 shares, representing 29.50% of the company's total equity capital.
• Vatsal P. Shah's holding decreased to 3,49,97,069 shares, accounting for 8.67% of the total equity capital.

It's important to note that despite these individual changes, the combined promoter group holding remained steady at 62.30% of the company's total equity capital, which stands at 40,36,66,505 shares.

Regulatory Compliance

In compliance with the Securities and Exchange Board of India (SEBI) regulations, specifically Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the company promptly disclosed these transactions to the National Stock Exchange of India Limited and BSE Limited on September 5.

The disclosure, signed by the authorized signatory Amit Bhansali on behalf of Parag K. Shah and Vatsal P. Shah, provided a detailed breakdown of the shareholding changes and confirmed that the transactions were conducted in the open market.

This inter-promoter share transfer demonstrates the dynamic nature of shareholding patterns even within promoter groups of listed companies, while adhering to regulatory transparency requirements in the Indian stock market.