Allotment of 1,89,11,320 equity share consequent to conversion of warrant into equity.
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Hazoor Multi Projects has allotted 1,89,11,320 equity shares (face value Re. 1 each) at Rs. 30 per share (including Rs. 29 premium) to 19 non-promoter/public category investors, following the conversion of 18,91,132 warrants originally issued in June 2024 at Rs. 300 per warrant. The company received Rs. 42.55 crore as the balance 75% payment on these warrants. Post-allotment, the paid-up equity capital stands increased to Rs. 27.06 crore, comprising 27.06 crore shares of Re. 1 each. The new shares rank pari-passu with existing equity. About 3,37,780 warrants from this lot remain pending conversion, and 42,32,730 warrants in total are still outstanding.
Dilutive for existing shareholders as ~7.45% fresh equity has been issued, though the company strengthens its cash position by Rs. 42.55 crore. Further equity dilution remains possible if the pending warrants (~42.33 lakh) are converted in the future.