Hazoor Multi Projects Ltd: Smallcap Firm Raises Rs 1.10 Crore via Warrant Conversion

Mumbai: Smallcap company Hazoor Multi Projects Ltd (HMPL) has raised Rs 1.10 crore through share allotment following the conversion of warrants. The company, in an exchange filing, stated that its fundraising committee has approved the issuance of 4,91,000 equity shares at an issue price of Rs 30 per share (including 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 of the warrants, the company's shares were subdivided, i.e., 1 equity share (with a face value of Rs 10 each) was split into 10 equity shares (Re 1 face value). This subdivision was a strategic move to enhance liquidity and attract a broader range of investors.

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 stated that the allotment was made after it 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. This strategic distribution of shares is expected to strengthen the company's financial position and support its future growth initiatives.

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 the 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.

Incorporates New Arm

The company has also incorporated a new arm to undertake power and renewable energy projects. This development comes after the company informed about 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 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,' HMPL said in a regulatory filing.

This strategic move into renewable energy is part of the company's broader vision to diversify its portfolio and tap into the growing demand for sustainable energy solutions. The new subsidiary will focus on developing and implementing projects that align with the company's long-term growth and sustainability goals.

(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)