Man Infraconstruction announces Rs 169 crore share buyback

Man Infraconstruction has proposed a share buyback of up to 99 lakh equity shares, with a maximum buyback size of Rs 169 crore. The company intends to purchase shares from shareholders and beneficial owners, excluding the promoter group and persons in control.

The buyback will be conducted through the open market mechanism on the NSE and BSE. The maximum buyback price is set at Rs 171 per share, which represents a 50.18 per cent premium over the closing market price on August 26.

Under the proposal, the company will utilize at least 75 per cent of the maximum buyback size, or Rs 126.97 crore, for the offer. Additionally, at least 40 per cent of the maximum size, or Rs 67.72 crore, must be utilized during the initial half of the offer period. The company stated the price was determined by considering market trends, net worth, and the potential impact on earnings per share.