Allotment of 82,47,770 equity shares consequent to conversion of warrants into equity.
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Hazoor Multi Projects has allotted 82,47,770 equity shares (face value Re. 1 each) at Rs. 30 per share, following the conversion of 8,24,777 warrants that were originally issued at Rs. 300 per warrant. The company received the remaining 75% amount of Rs. 18.56 crore from 9 allottees belonging to the Non-Promoter/Public category. Minerva Venture Fund Limited is the largest allottee with 60 lakh shares (about 2.38% stake post-issue), while the remaining allottees are individuals and small entities holding minor stakes. With this allotment, the total paid-up equity capital has risen to around Rs. 25.17 crore (25.17 crore shares). About 61.24 lakh warrants are still pending conversion, which could lead to further equity dilution in the future.
This is a dilution event for existing shareholders as the share count expanded. The company is receiving Rs. 18.56 crore in fresh capital. With over 61 lakh warrants still outstanding, more dilution may follow when those are converted.