Allotment of 13,20,000 equity shares consequent to conversion of warrant.
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Hazoor Multi Projects has allotted 13,20,000 equity shares of Re. 1 each at Rs. 30 per share (including a Rs. 29 premium) following the conversion of 1,32,000 warrants. The company received Rs. 2.97 crore as the balance 75% amount from the warrant holders. The allotments were made to two non-promoter/public category investors — Seabird Leasing and Finvest Pvt Ltd (10 lakh shares) and Desai Hemant Kumar (3.2 lakh shares). Post this allotment, the company's paid-up equity capital has risen to Rs. 23.57 crore consisting of 23.57 crore shares. About 77.3 lakh warrants remain outstanding and can still be converted within the original 18-month window.
This is a dilution event — the share count has grown, reducing existing shareholders' proportional holding slightly. However, Rs. 2.97 crore of fresh capital has come into the company, and further conversion of the remaining 77.3 lakh warrants could add more equity and capital in the coming months, which may keep short-term share price under pressure.