We wish to inform you that the Company has converted its existing investment in Optionally Convertible Debenture (OCD) in Square Port Shipyard Private Limited , a Wholly Owned Subsdiary ....
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Hazoor Multi Projects has converted its existing investment in OCDs of its wholly owned subsidiary, Square Port Shipyard Private Limited (SPSPL), into equity shares. The conversion resulted in allotment of 2.5 crore equity shares at Rs. 10 per share, aggregating Rs. 25 crore, with no cash consideration involved. Post-conversion, the company continues to hold 100% in SPSPL, with no change in ownership, control, or management. SPSPL is in the shipbuilding and vessel repair business, with FY25 turnover of Rs. 68.95 crore and net profit of Rs. 17.98 crore, up sharply from Rs. 4.39 crore in FY24.
This is a structural/bookkeeping exercise — debt being converted to equity within an existing wholly owned subsidiary — so there is no material change for shareholders. The subsidiary's improving profitability (net profit more than quadrupled year-on-year) is a positive signal about the underlying business.