Manaksia Coated Metals & Industries Limited raised ₹150 crore through a Qualified Institutional Placement on Friday. The company said the issue got fully subscribed by reputed investors. This capital will strengthen their balance sheet and support upcoming projects. Karan Agrawal noted, "The capital raise is part of our broader financing strategy."
Manufacturer and exporter of coated steel products Manaksia Coated Metals & Industries Limited on Friday said it has successfully raised ₹150 crore through a Qualified Institutional Placement (QIP), with the issue fully subscribed.
Cumulative Capital acted as the sole book running lead manager to the issue. The fundraise witnessed participation from reputed investors, reflecting their confidence in the company's business fundamentals, strategic direction, and long-term growth potential, Manaksia said in a statement.
The capital raise marks an important step in the company's financial strategy, strengthening its balance sheet and enhancing financial flexibility to support its upcoming strategic projects, the statement said.
"The successful completion of our ₹150 crore QIP reflects the confidence of reputed investors in our business fundamentals and long-term growth strategy. The capital raise is part of our broader financing strategy as we progress through a significant investment cycle involving capacity expansion and backward integration," said Karan Agrawal, Whole Time Director, Manaksia Coated Metals & Industries Limited (MCMIL).
"We remain focused on disciplined capital allocation, strengthening our manufacturing capabilities and building a sustainable foundation for long-term growth. Supported by growing export traction and an expanding product portfolio, we remain confident of progressing towards our FY29 vision of tripling output, revenue and EBITDA," Agrawal added.
During Q2 FY27, MCMIL reported total income of ₹321.55 crore, EBITDA of ₹36.91 crore and net profit of ₹18.73 crore.