Allotment of 8,15,500 Equity shares consequent to conversion of warrant into Equity shares.
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Hazoor Multi Projects has allotted 8,15,500 equity shares (face value Re. 1 each) at Rs. 30 per share (including Rs. 29 premium) following the conversion of 81,550 warrants. The warrants were originally issued at Rs. 300 per warrant on a preferential basis to non-promoter/public category allottees. Due to a prior stock split (Rs. 10 face value → Re. 1), each warrant now converts into 10 equity shares. The company received Rs. 1.83 crore as the balance 75% payment toward warrant conversion. The total issued and paid-up capital has risen to Rs. 22.99 crore consisting of about 23 crore equity shares. Around 82.97 lakh warrants are still pending conversion by other holders.
This is a pre-scheduled conversion of warrants that were issued earlier — equity dilution from this tranche was already priced in. Shareholders may note that a large number of warrants still remain unconverted, meaning further share dilution is possible when those holders pay the balance 75% and convert. No fresh fundraising beyond the committed conversion has taken place.