375% rally in one year. Multibagger stock hits upper circuit after allotment of shares against warrants

Hazoor Multi Projects share price jumped 5% on Tuesday after the company’s board approved the allotment of equity shares on conversion of warrants. Hazoor Multi Projects shares rallied as much as 5% to the to hit an upper circuit at ₹580.90 apiece on the BSE.

Volumes in Hazoor Multi Projects stock also spiked on October 1. Around 2 lakh Hazoor Multi Projects shares changed hands as against its one-week average volumes of 1 lakh.

The real estate company said in a stock exchange filing that the board has approved the allotment of equity shares on conversion of over 2 lakh warrants into 2.16 lakh equity shares of face value of ₹10 each at an issue price of ₹300 to Non-Promoters or Public Category.

The board of directors of Hazoor Multi Projects on September 30 approved the allotment of equity shares on conversion of 2,16,350 warrants into 2,16,350 equity shares of face value of ₹10 each at an issue price of ₹300 each, to Non-Promoters or Public Category, on preferential basis.

The list of allottees included Seabird Leasing and Finvest Private Limited, Piyush Gupta, Nishita Mittal, Resonance Opportunities Fund and Rajeev Kumar.

“Consequent to today’s conversation of warrants / allotment of Equity Shares, the issued and paid-up capital of the Company stands increased to ₹19,91,77,020/- consisting of 1,99,17,702 equity shares of ₹10/- each,” Hazoor Multi Projects said in a BSE filing on September 30.

Hazoor Multi Projects Share Price

Hazoor Multi Projects share price has rallied more than 23% in one month and over 72% year-to-date (YTD). The smallcap stock has given multibagger returns of over 375% in one year.

At 2:15 pm, Hazoor Multi Projects shares were trading 4.57% higher at ₹578.55 apiece on the BSE.

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