Update regarding conversion of its existing investment in optionally convertible debentures of its wholly owned subsidiary, M/s. Square Port Shipyard Private Limited into equity shares ....
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Hazoor Multi Projects has extended the tenure of Rs. 25 crore worth of 0.01% Optionally Convertible Debentures (OCDs) held in its wholly owned subsidiary, Square Port Shipyard Private Limited, by one year — from April 9, 2026 to April 9, 2027. Earlier intimations in January and February 2026 had discussed converting these OCDs into equity shares, but this latest update instead extends the debenture tenure. The company has also modified the existing security backing these OCDs with a property at Navase, Dapoli, Ratnagiri (Maharashtra), subject to charge creation and statutory filings.
Shareholders should note this is an internal restructuring exercise between the company and its wholly owned subsidiary, with no direct dilution or capital change at the parent level. The continued low 0.01% coupon and property-backed security suggest the company is keeping its options open on the shipyard subsidiary rather than converting it to equity immediately, which means the investment remains debt on the books for another year.