Allotment of 15,50,000 Equity shares consequent to conversion of warrant into equity.
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Hazoor Multi Projects has allotted 15,50,000 equity shares of Re. 1 each at Rs. 30 per share (including Rs. 29 premium) to non-promoter/public category allottees upon conversion of 1,55,000 warrants. The company received Rs. 3.49 crore as the balance 75% amount on these warrants. Allottees include Mr. Safir Anand (50,000 shares) and Resonance Opportunities Fund (15,00,000 shares). Post-allotment, the company's paid-up equity capital stands at Rs. 23.16 crore, comprising 23,15,98,910 shares of Re. 1 each. The original warrants were issued on June 25, 2024, at Rs. 300 per warrant, and the share count was adjusted for the stock split (Rs. 10 to Re. 1) effective November 7, 2024. Notably, 81,35,950 warrants are still outstanding and pending conversion.
The conversion is dilutive for existing shareholders but brings in Rs. 3.49 crore of fresh capital. With over 81 lakh warrants still pending conversion, further dilution and equity inflows are likely in the coming months, which shareholders should factor in.