Promoters of MAN Industries (India) Limited, one of India’s top manufacturers of large pipes, have increased their stake in the company by about 2.1 percentage points, the company said.
The promoters purchased 12 lakh shares in a bulk deal from the market, it said. The transaction is likely to have cost around Rs 6.25 cr, based on the company’s share price.
Shares of MAN Industries were up 5% today on the news.
No information about the identity of the seller was given.
With this, the promoter stake holding in the company has increased to 44.02% from 41.92%.
R. C. Mansukhani, Founder and Chairman of the Company said the move was an indicator of the confidence that the promoter shareholders have in the company’s prospects.
“We continue to explore opportunities to enhance shareholder’s value,” he said.
MAN Industries is a leading manufacturer of line·pipes and coating systems for high-pressure oil and gas applications.
It has a production capacity of approximately one million tons of SAW pipes per annum.
Starting as an Aluminium Extruder in 1988, MAN Industries has now become one of the largest domestic players in LSAW Pipes, Spirally Welded Pipes and Coating Systems.