MAN Industries (India) a leading manufacturer of electric resistance welded steel pipes, has successfully raised Rs 255 crore through a preferential allotment of equity shares to non-promoter institutional and strategic investors.

The allotment includes 77,74,383 fully paid-up equity shares issued at Rs 328 per share. Key investors include Ashish Kacholia, Carnelian Asset Management, Ovata Capital, Ashika Global Finance, Capri Global Holdings, and RBA & Finance Investment Co. The capital infusion will support the company’s ongoing expansion projects in Jammu and Saudi Arabia, in addition to addressing working capital needs.

The funds will also bolster the company's ability to capture infrastructure opportunities both domestically and globally. Preferential allotment, which enables companies to raise capital faster than a follow-on public offering, allows shares to be issued at a discounted price to strategic investors.