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Business News/ Markets / Stock Markets/  Mauritius-based FII buys stake in this small-cap stock. Share hits upper circuit

Mauritius-based FII buys stake in this small-cap stock. Share hits upper circuit

Share allotment committee of the small-cap company has allotted 5.50 lakh company shares to the Mauritius-based FII Vespera Fund Limited

Small-cap company has allotted 35 lakh company shares at ₹178 apiece on a preferential basis.Premium
Small-cap company has allotted 35 lakh company shares at 178 apiece on a preferential basis.

Stock market today: Shares of Hazoor Multi Projects have been on an uptrend for the last three straight sessions. The small-cap stock with a market cap of around 522 crore has been touching the upper circuit for the last three straight sessions. The small-cap stock today opened upside and went on to touch an intraday high of 344.45 and touched the upper circuit.

The small-cap stock is in the news for allotting shares to foreign portfolio investors (FPIs) on a preferential basis. Hazoor Multi Projects Ltd informed Indian stock market bourses that the share allotment committee has allotted 35 lakh company shares on a preferential basis. Shares have been allotted at 178 apiece.

Company attracts FIIs' investment

Out of these 35 lakh shares, Mauritius-based FII Vespera Fund Limited has got 5.50 lakh company shares. This means, the FII has invested 9.79 crore. Likewise, London-based FII Aries Opportunities Fund Limited has received 5 lakh company shares. This means the UK-based FII has invested 8.90 crore. Another FII Elara India Opportunities Fund has also got 5 lakh shares. Kiftar IN LLC has also got 2.50 lakh company shares under the FPI category.

Also Read: Rashi Peripherals IPO to open on February 7; price band fixed at 295 to 311

In latest exchange filing, Hazoor Multi Projects Ltd said, "Pursuant to the members’ approval obtained at the Extra-ordinary General meeting of the Company held on January 02, 2024 by means of passing a Special Resolution and ‘In-Principal Approval’ obtained from the Stock Exchange i.e. BSE Limited, In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held on today i.e. Thursday, February 01, 2024 considered and approved the allotment of 35,00,000 (Thirty-Five Lakhs Only) equity shares, on preferential basis to the following persons belonging to “Non-Promoter, Public Category", having face value of Rs.10/- each, at an issue price of Rs.178 per equity share (including a premium of Rs. 168 per equity share) for cash consideration, after receipt of amount aggregating to Rs.62,30,00,000 (Rupees Sixty-Two Crores and Thirty Lakhs Only) at the rate of Rs. 178 per equity share."

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 02 Feb 2024, 03:32 PM IST
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