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Mumbai, Aug. 7 Promoters of MAN Industries ( India ) Ltd have raised their stake in the company by 5 per cent over the last 12 month period to 45 per cent through creeping acquisition route.

The promoters acquired 5 lakh shares, approximately 1 per cent of the total company shares through open market purchase on August 5 on the National Stock Exchange and Bombay Stock Exchange, said a company statement issued on Thursday.

“The promoters of the MAN Industries ( India ) Ltd had enhanced their stake by 5 per cent under the creeping acquisition route during last 12-months period to 45 per cent,” the company said adding “enhancing stake in the company reflects the confidence of the management in the future prospectus of the company’s business.”

MAN Industries manufactures SAW Pipes (line pipes) and coating systems for high-pressure oil and gas applications.

The MAN Industries stock closed at Rs 72.35,0 up 4 per cent over the previous close.

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