Small-cap stock in focus: Hazoor Multi Projects declares ₹486 crore fundraise on preferential basis
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.
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
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