Allotment of 1,31,000 Equity Shares consequent to conversion of warrants of the Company
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Hazoor Multi Projects Limited has allotted 1,31,000 equity shares to a non-promoter allottee (Divya Bhandari) following the conversion of 13,100 warrants on a preferential basis. Each warrant was originally issued at Rs. 300, and the company received the balance 75% amount of Rs. 225 per warrant, totaling Rs. 29,47,500. The equity shares were allotted at Rs. 30 each (face value Re. 1, premium Rs. 29), and the share count was adjusted for a prior stock split from Rs. 10 face value to Re. 1 face value. Post this allotment, the company's paid-up equity capital stands at Rs. 22.31 crore, divided into 22,31,06,410 shares of Re. 1 each.
This is a small dilution of about 0.05% for the new allottee and is part of a larger pending conversion of 89,85,200 warrants still outstanding, meaning further share dilution can be expected as and when these warrants are converted. Existing shareholders may see modest value erosion from these potential future conversions.