Manaksia Coated Metals & Industries Limited (MCMIL), a leading coated metal products manufacturer and exporter, announced shareholder approval for a preferential issue of 2.07 crore fully convertible equity warrants priced at ₹65 per warrant, amounting to ₹134.55 crore. The decision was made during an Extra-Ordinary General Meeting (EGM) held on December 26, 2024.
Key highlights:
- Purpose of funds: The capital will be used for debt reduction, capacity expansion, and advanced technology upgrades.
- Production enhancements:
- Transition to Alu-Zinc Coated Steel production, boosting production capacity by 36% from 132,000 MTPA to 180,000 MTPA.
- A forward integration project to increase Pre-painted Steel capacity by 175%, from 86,000 MTPA to 236,000 MTPA.
- Sustainability initiatives: Plans to establish a captive solar power plant in phases, enhancing energy efficiency and sustainability.
Mr. Karan Agrawal, Whole Time Director of MCMIL, stated, “This preferential issue is a crucial step towards innovation and sustainable growth. The funds will help strengthen our balance sheet, reduce debt, and expand production capabilities with cutting-edge technology. Our commitment to sustainable practices through a solar power plant aligns with our vision for efficient, long-term growth.”
