New Delhi [India], December 29: Hazoor Multi Projects Limited (BSE: 532467), a diversified real estate and infrastructure development company, has approved the allotment of 1,89,11,320 equity shares following the conversion of warrants, as decided by its Fund-Raising Committee at a meeting held today.
The equity shares, having a face value of Re. 1 each, have been allotted at an issue price of Rs. 30 per share, including a premium of Rs. 29 per share. The allotment is consequent to the conversion of 18,91,132 warrants issued earlier on a preferential basis to investors belonging to the non-promoter/public category, in accordance with the provisions of SEBI (ICDR) Regulations, 2018.
As part of the conversion process, the Company has received approximately Rs. 42.55 crore, representing 75% of the issue price payable at the time of warrant exercise. The warrants were originally issued at a price of Rs. 300 per warrant, of which 25% had been paid at the time of allotment, with the balance payable upon conversion.
Pursuant to this allotment, the issued and paid-up equity share capital of Hazoor Multi Projects Limited has increased to Rs. 27.06 crore, comprising 27,06,31,110 equity shares of Re. 1 each. The newly allotted equity shares shall rank pari passu with the existing equity shares of the Company in all respects, including dividend entitlement and voting rights.
The warrant conversion follows the subdivision of the Company's equity shares, wherein the nominal value of each equity share was split from Rs. 10 to Re. 1, resulting in the issuance of ten equity shares for each warrant exercised.
The Company further informed that 42,32,730 warrants remain outstanding, which are eligible for conversion into an equivalent number of equity shares upon payment of the remaining 75% of the issue price, i.e., Rs. 225 per warrant, within the stipulated period of 18 months from the date of original allotment.
The fund infusion strengthens the Company's capital base and enhances its financial flexibility to support ongoing and future business initiatives.
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