Manaksia Coated Metals & Industries Limited — Updates, 27-12-2024: Press Release

Manaksia Coated Metals & Industries Limited has secured shareholder approval for a preferential issue of 2,07,00,000 Fully Convertible Warrants at ₹65 each, raising ₹134.55 crore. This capital infusion will facilitate strategic initiatives aimed at debt reduction, capacity expansion, and technological upgrades.

The company plans to boost its production capacity from 132,000 MTPA to 180,000 MTPA through a technology upgrade focused on Alu-Zinc Coated Steel products, representing a 36% increase. Additionally, a forward integration project to enhance Pre-painted Steel capacity from 86,000 MTPA to 236,000 MTPA will be undertaken, marking a substantial 175% increase. A phased establishment of a captive solar power plant underscores the company's commitment to sustainability.

These initiatives position Manaksia Coated Metals to meet rising market demand while enhancing profitability and reducing its carbon footprint. With strategic growth and sustainable practices at the forefront, investors can anticipate improved market positioning and long-term value creation.