Hazoor Multi Projects Ltd Raises Rs 1.10 Crore via Share Allotment and Warrant Conversion
Mumbai-based smallcap company Hazoor Multi Projects Ltd has raised Rs 1.10 crore through the allotment of 491,000 equity shares, following the conversion of warrants. The company, in an exchange filing, stated that its fundraising committee has approved the issuance of these shares at an issue price of Rs 30 per share, which includes a premium of Rs 29. These shares were allotted following the conversion of 49,100 previously issued warrants (issued at an issue price of Rs 300 each).
During the conversion process, the company's shares were subdivided. Specifically, 1 equity share with a face value of Rs 10 each was split into 10 equity shares, each with a face value of Re 1.
The shares were allotted to Dilip Kesharimal Sanklecha and Vaibhav Dimri, who belong to the 'Non-Promoters/Public Category'. The allotment was made on a preferential basis. The company received the remaining amount of Rs 1,10,47,500 from the allotted shares, which is Rs 225 per warrant (75 per cent of the issue price of the warrant). Dilip Kesharimal Sanklecha received 3,27,500 equity shares, and Vaibhav Dimri received 1,63,500 equity shares.
Meanwhile, the stock started today's trading session in green at Rs 33.47 on the BSE against the previous close of Rs 33. However, it dipped amid profit booking and touched a low of Rs 32.16. Last seen, the stock was trading at Rs 32.95, and the market cap of the company stood at Rs 752.45.
In a strategic move, the company has incorporated a new arm to undertake power and renewable energy projects. This development comes after the company announced its plans to set up a 500 MW solar project in Andhra Pradesh at an investment of Rs 2,500 crore, last month, and a 1.2 GW capacity solar park in Solapur, Maharashtra in January.
A regulatory filing by Hazoor Multi Projects Ltd stated, '...a wholly owned subsidiary in the name of Hazoor New & Renewable Energy Pvt Ltd has been incorporated...and except HMPL no promoter/promoter group/group companies have any interest in the entity.'
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
