Allotment of 27,96,670 equity share consequent to conversion of warrant into equity.
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Hazoor Multi Projects has allotted 27,96,670 equity shares of Re. 1 each at an issue price of Rs. 30 per share (including a Rs. 29 premium), following the conversion of 2,79,667 warrants. The company received Rs. 6.29 crore as the remaining 75% amount due on these warrants (at Rs. 225 per warrant). The shares were allotted on a preferential basis to 7 non-promoter/public category allottees, including individuals and an HUF. These warrants were originally issued on June 25, 2024, and the share count was adjusted for a prior stock split (Rs. 10 face value split into 10 shares of Re. 1 each). The new shares will rank equally with existing equity shares, and the company's paid-up capital has risen to Rs. 24.34 crore, comprising 24.34 crore shares. Additionally, 69,48,639 more warrants remain pending for conversion, which could lead to further equity dilution in the future.
This is a minor dilution event for existing shareholders, with share count increasing by roughly 1.16%. The company receives Rs. 6.29 crore of fresh capital, which is relatively small. Investors should note that over 69 lakh more warrants are still outstanding and may convert later, bringing additional dilution.