We wish to inform you that the Company has submitted the withdrawal application for aforesaid In-Principle approval, which has been duly accepted by the Stock Exchange.
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Hazoor Multi Projects Ltd has withdrawn its application to issue and allot 7,00,33,000 Fully Convertible Warrants at Rs. 54.80 each on a preferential basis to non-promoter public shareholders. The proposal had been approved by shareholders at an EGM on February 21, 2025. The company cited delays in regulatory approvals and market volatility, which caused a mismatch between the issue price and the prevailing market price, as the reasons for withdrawal. BSE has accepted the withdrawal application. The company stated this will not affect its financial stability and may explore alternative capital-raising options in the future.
The proposed fund-raising through warrants has been shelved for now, meaning no immediate equity dilution from this issue. Shareholders may see this as the company avoiding a potentially poor market-timing dilution, though future capital raises remain possible when conditions improve.