Allotment of 5,27,500 Equity Shares consequent to conversion of warrants of the Company
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Hazoor Multi Projects has allotted 5,27,500 equity shares of Re. 1 each at an issue price of Rs. 30 per share (including a Rs. 29 premium), following the conversion of 52,750 warrants that were originally issued at Rs. 300 per warrant. The conversion was carried out after the company's recent stock split (from Rs. 10 face value to Re. 1), so each warrant now converts into 10 equity shares. The company received Rs. 1.18 crore (the balance 75% payment) from two non-promoter allottees — Shilpaben Maheshkumar Shah (3,27,500 shares) and Ruturaj Bhalchandra Thakare (2,00,000 shares). Post-allotment, the company's paid-up equity capital has increased to Rs. 22.49 crore (22.49 crore shares of Re. 1 each). About 87.99 lakh warrants are still pending conversion, which could lead to further dilution if exercised.
This is a routine warrant conversion that brings in Rs. 1.18 crore and adds about 0.28% to the share base. With nearly 88 lakh warrants still outstanding, there is potential for further share dilution, which existing shareholders should keep in mind.