Multibagger infra stock declares fund raise through preferential issue. Share hits upper circuit | Mint
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Business News/ Markets / Stock Markets/  Multibagger infra stock declares fund raise through preferential issue. Share hits upper circuit
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Multibagger infra stock declares fund raise through preferential issue. Share hits upper circuit

Multibagger stock has been hitting upper circuit for nine straight sessions

Circuit to circuit stock: Multibagger infra stock has declared fund raise to the tune of ₹97.90 crore via issuance of preferential shares. (Photo: iStock)Premium
Circuit to circuit stock: Multibagger infra stock has declared fund raise to the tune of 97.90 crore via issuance of preferential shares. (Photo: iStock)

Stock market today: Hazoor Multi Projects share price witnessed sharp upside in early morning deals and hit 5 per cent upper circuit within few seconds of stock market's opening bell today. Hazoor Multi Projects share price today opened at 245.60 apiece levels on BSE and hit upper circuit. While touching the upper circuit, this circuit to circuit stock went on to scale a new life-time high as well. 

Hazoor Multi Projects stocks were under the radar of Dalal Street investors as the infra sector company has declared fund raise to the tune of 97.90 crore through issuance of preferential shares.

Also Read: Why FIIs are pumping money in Indian stock market — explained with 5 reasons

Hazoor Multi Projects fund raise details

Hazoor Multi Projects Ltd informed Indian stock market bourses about fund raise citing, "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. Wednesday, 06th December, 2023, at the registered Office of the company at C-45, 4th Floor, Plot 210, Mittal Tower, C, Wing, Barrister Rajani Patel Marg, Nariman Point, Mumbai-4000021 inter-alia considered and approved the following businesses: To accelerate growth further and to augment the financial resources of the Company through raising of funds, aggregating amount of up to Rs. 97,90,00,000/- (Rupees Ninety Seven Crores and Ninety Lakhs Only), by way of creating, issuing and allotting up to 55,00,000 (Fifty Lakhs only) Equity Share having face value of Rs.10/- each, to the persons belonging to ‘Non-Promoter, Public Category’, as detailed in Annexure-l, on preferential basis, at an issue price higher than the floor price determined in accordance with the provision of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations"), payable in cash, in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013, as amended ("Act") read with Companies (Prospectus and Allotment of Securities) Rules, 2014, and Companies (Share Capital and Debentures) Rules, 2014 as amended ("Rules"), Chapter V of SEBI ICDR Regulations, in such manner and on such terms and conditions as determined by the Board in its absolute discretion in accordance with the SEBI ICDR Regulations and other applicable laws subject to approval of shareholders and other regulatory authorities, as may be applicable."

Also Read: Paytm stock hit 20% lower circuit limit on brokerage downgrades

Hazoor Multi Projects share price history

Hazoor Multi Projects shares are one of the circuit to circuit stocks listed on Dalal Street. This infra stock has been hitting upper circuit for the last nine straight sessions. In last one month, this infra stock has risen from around 145.50 to 245.60 apiece levels, logging around 70 per cent rise in this time. In last six months, this multibagger stock has surged to the tune of 65 per cent. In YTD time, this multibagger stock has risen from 72.75 to 245.60 apiece levels, logging around 235 per cent rally in this time.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 07 Dec 2023, 09:58 AM IST
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