Hazoor Multi Projects allots shares from warrant conversion

Hazoor Multi Projects Limited's fund-raising committee approved the allotment of 1,280,000 equity shares, each with a face value of Re. 1 and an issue price of Rs. 30 (including a premium of Rs. 29). This allotment results from the conversion of 128,000 warrants, originally issued at Rs. 300 each. The conversion follows a stock split that adjusted the nominal value of equity shares from Re. 10 to Re. 1. The company received a balance of Rs. 28,800,000 for these conversions.

The equity shares were allotted on a preferential basis to three non-promoter/public category investors: Seabird Leasing and Finvest Private Limited (950,000 shares), Sarita Agarwal (100,000 shares), and Nirmal Gupta (230,000 shares). The warrants, allotted on June 25, 2024, entitled holders to convert them into equity shares by paying the remaining 75% (Rs. 225 per warrant) of the issue price within 18 months.

Following this allotment, the issued and paid-up capital of Hazoor Multi Projects Limited increased to Rs. 236,939,910, consisting of an equal number of equity shares. The newly allotted shares will rank pari-passu with existing equity shares. The company also noted that 7,601,850 total warrants remain outstanding for future conversion.