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Business News/ Markets / Stock Markets/  Small-cap stock in focus: Hazoor Multi Projects declares 486 crore fundraise on preferential basis
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Small-cap stock in focus: Hazoor Multi Projects declares ₹486 crore fundraise on preferential basis

Small-cap stock in focus: The company board has declared the issuance of up to 1.62 crore warrants at ₹300 apiece

Hazoor Multi Projects preferential issue premium: The company shares ended at ₹389 apiece on Friday, which means the preferential offer is available at a premium of 30 percent. (Photo Pixabay)Premium
Hazoor Multi Projects preferential issue premium: The company shares ended at 389 apiece on Friday, which means the preferential offer is available at a premium of 30 percent. (Photo Pixabay)

Small-cap stock in focus: Shares of Hazoor Multi Projects Limited will be in focus on Monday as the company board has declared raising of funds to the tune of 486 crore. The company board took this decision in its meeting on Friday and the above-said funds would be raised via the issuance of 1.62 crore warrants convertible into an equal number of equity shares on a preferential basis. The preferential issue has been offered for 300 per share. Hazoor Multi Projects share price ended on Friday at 389 apiece, which means the offer has been made at a discount of nearly 30 percent.

Hazoor Multi Projects preferential issue details

the small-cap company with a market cap of nearly 725 crore informed the Indian stock market exchanges about the move saying, "In terms of Regulation 30 read with Schedule Ill 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. Friday, April 12, 2024, at the registered Office of the company at C-45, Ath Floor, Plot 210, Mittal Tower, C, Wing, Barrister Rajani Patel Marg, Nariman Point, Mumbai-4000021 inter-alia considered and approved to accelerate growth further and to augment the financial resources of the Company through raising of funds, by way of creating, issuing and allotting up to 1,62,00,000 (One Crore and Sixty Two Lakhs only) Fully convertible warrants convertible into equivalent number of fully paid up equity share of the Company having face value of Rs. 10/- (Rupee Ten Only), to the persons belonging to “Non-Promoier, Public Category", as detailed in Annexure-!I, on preferential basis, at an issue price of Rs. 300/- (Rupees Three Hundred only) per warrant, which is higher than the floor price determined in accordance with the provision of Chapter V of SEBI ICDR Regulations, payable in cash for aggregating amount of up to Rs. 4,860/- Mn. 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. Upon issue of Warrants in accordance herewith, an amount equivalent to 25% (twenty-five percent) of the total issue size shall be called upfront from the proposed allottees."

Top 5 details

1] Hazoor Multi Projects preferential issue price: The company board has fixed the issue price at 300 per equity share.

2] Hazoor Multi Projects preferential issue size: The company aims to raise 486 crore from its preferential offer.

3] Hazoor Multi Projects preferential issue premium: The company shares ended at 389 apiece on Friday, which means the preferential offer is available at a premium of 30 percent.

4] Capital offer: The company board said that 486 crore fundraising would be achieved via the issuance of 1.62 crore warrants, which are fully convertible into an equal number of equity shares.

5] Objective of the offer: The company aims to accelerate growth and augment the financial resources of the Company through the raising of funds.

The company board also decalred increase in authorized share cappital saying, "We wish to inform you that the Board of Directors of the Company in their meeting held on today i.e. Friday, April 12, 2024, at the registered Office of the company at C-45, Ath Floor, Plot 210, Mittal Tower, C, Wing, Barrister Rajani Patel Marg, Nariman Point, Mumbai-4000021 inter-alia considered and approved to increase the Authorized Share Capital of the Company from existing Rs.80,50,00,000 (Rupees Eighty Crores Fifty lakhs) comprising of Rs. 30,50,00,000 equity shares capital divided into 3,05,00,000 (Three Crores Five Lacs) Equity Shares of Rs. 10/- each and Rs. 50,00,00,000 (RUpees Fifty crores) Preference Share Capital divided into 500 (Five Hundred) Preference Shares of Rs. 10,00,000 each to Rs.100,50,00,000 (Rupees One Hundred Crores and Fifty lakhs) comprising of Rs.50,50,00,000 (Rupees Fifty Crores and Fifty Lakhs) equity share capital divided into 5,05,00,000 (Five Crores Five Lacs) Equity Shares of Rs. 10/- each and Rs.50,00,00,000 (Rupees Fifty crore) Preference Share Capital divided into 500 (Five Hundred) Preference Shares of Rs. 10,00,000 each and consequent amendment in the Capital Clause (Clause V) of Memorandum of Association of the Company, subject to approval of the shareholders of the Company."

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 13 Apr 2024, 03:05 PM IST
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