Man Industries (India) rose 3.78% to Rs 75.55 at 15:16 IST on BSE after the company's shareholders approved the proposed scheme of arrangement between Man Industries (lndia) and Man lnfraprojects.
The company made the announcement during trading hours today, 14 July 2014.
Meanwhile, the BSE Sensex was down 20.04 points, or 0.08%, to 25,004.31.
On BSE, so far 71,000 shares were traded in the counter, compared with an average volume of 70,488 shares in the past one quarter.
The stock hit a high of Rs 77.60 and a low of Rs 71.05 so far during the day. The stock hit a 52-week high of Rs 102 on 15 July 2013. The stock hit a 52-week low of Rs 51.10 on 4 December 2013.
The stock had underperformed the market over the past one month till 11 July 2014, falling 15.05% compared with 1.76% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.18% as against Sensex's 10.59% rise.
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The small-cap company has an equity capital of Rs 28.55 crore. Face value per share is Rs 5.
The meeting of equity shareholders of Man Industries (India) was convened and held on 12 July 2014 to seek their approval for the proposed scheme of arrangement between Man Industries (lndia) and Man lnfraprojects and their respective shareholders and creditors and the proposed reduction of securities premium account of Man Industries (India).
All the resolutions along with amendments to the scheme were passed with requisite majority at the meeting, the company said.
The said scheme and amendments thereto shall be subject to further approval of the Bombay High Court and approval of regulatory authorities, the company said.
Upon successful implementation of the scheme, shareholders of Man Industries (India) will get one fully paid-up equity share of Rs 5 each of Man Infraprojects for every one share held.
On a consolidated basis, Man Industries (India)'s net profit rose 19.2% to Rs 3.79 crore on 43.9% decline in net sales to Rs 345.82 crore in Q4 March 2014 over Q4 March 2013.
Man Industries (India) is a member of the Man Group of India. It is a leading manufacturer and exporter of large diameter carbon steel line pipes for various high pressure transmission applications for gas, crude oil, petrochemical products and potable water. The company has a manufacturing facilities for LSAW & HSAW line pipes and also for various types of anti-corrosion coating systems.
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