Allotment of 60,000 Equity shares consequent to conversion of warrants into equity shares.
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Hazoor Multi Projects Ltd has allotted 60,000 equity shares of Re. 1 each at Rs. 30 per share (including a Rs. 29 premium) to Mr. Pratham Mittal, a non-promoter/public category investor. These shares were issued upon the conversion of 6,000 warrants originally issued at Rs. 300 per warrant on a preferential basis. The company received Rs. 13.50 lakh as the balance 75% payment due on conversion. Following this allotment, the company's paid-up equity capital has risen to Rs. 23,00,48,910 spread across 23,00,48,910 shares of Re. 1 each. Additionally, 82,90,950 warrants remain outstanding and are still eligible for conversion within the 18-month window.
This is a routine conversion of previously issued warrants into equity shares, resulting in a marginal dilution of existing shareholders. The impact is minimal given the small size (60,000 shares) relative to the total share base of over 23 crore shares. Remaining outstanding warrants, if converted, could lead to further dilution in the future.