Allotment of 1,75,05,050 Equity Shares consequent to conversion of warrant into equity.
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Awaiting price reaction for this filing.
Hazoor Multi Projects has allotted 1,75,05,050 equity shares of face value ₹1 each to 19 non-promoter allottees upon exercise of 17,50,505 warrants at a conversion ratio of 10 shares per warrant. The shares were issued at ₹30 per share, bringing in roughly ₹52.52 crore to the company. The original warrants had been issued earlier via a preferential allotment, and this is the second-stage conversion into equity. The largest allottee is NAV Capital VCC – NAV Capital Emerging Star Fund, which alone received about 81.96 lakh shares, followed by Money Plant Pictures LLP (25 lakh), Vineet Arora (20 lakh) and Nikhil Tyagi (16.39 lakh).
This is a dilution event – the share base expands by about 1.75 crore shares, which can weigh on short-term stock price. However, the company receives cash (≈₹52.5 crore) from warrant exercise, which strengthens its funds raised position.