Allotment of 12,80,000 Equity shares consequent to conversion of warrants into equity.
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Hazoor Multi Projects has allotted 12,80,000 equity shares at Rs. 30 each (Re. 1 face value + Rs. 29 premium) to 3 non-promoter allottees following the conversion of 1,28,000 warrants. The company received Rs. 2.88 crore as the balance 75% payment on these warrants, which were originally issued in June 2024 at Rs. 300 per warrant. Allottees are Seabird Leasing and Finvest Pvt Ltd (9.5 lakh shares), Sarita Agarwal (1 lakh shares), and Nirmal Gupta (2.3 lakh shares). Post-allotment, the company's paid-up capital stands at Rs. 23.69 crore consisting of about 23.69 crore equity shares. About 76 lakh more warrants remain outstanding for future conversion within 18 months of original allotment.
Minor dilution of about 1.83% from these three allottees, with Seabird Leasing now holding 1.69% of the company. Investors should note that 76 lakh additional warrants are still pending conversion, meaning further share issuance and dilution could occur in the coming months.