Allotment of 10,00,000 Equity shares consequent of conversion of warrants into equity shares
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Hazoor Multi Projects allotted 10 lakh equity shares of Re. 1 each at Rs. 30 per share (premium of Rs. 29) to a non-promoter allottee, Kumar Agrawal, upon conversion of 1 lakh warrants. The company received Rs. 2.25 crore as the balance 75% payment toward warrant exercise. Post-allotment, the paid-up equity capital stands increased to Rs. 23.43 crore, comprising 23.43 crore shares of Re. 1 each. Kumar Agrawal's shareholding rises to 30 lakh shares (1.28%) post-issue. The company also disclosed that 78.61 lakh warrants remain outstanding and may convert into equity shares in the future, which could lead to further dilution.
Existing shareholders face mild dilution from this warrant conversion, but the company has received Rs. 2.25 crore in fresh capital. The large pool of 78.61 lakh pending warrants is a key overhang, as their future conversion could lead to additional share supply and dilution.