Earlier, the company’s board approved the allotment on a preferential basis upon receipt of the balance amount aggregating to Rs 6.18 crore at the rate of Rs 225 per warrant.
Shares of Hazoor Multi Projects were locked in 5 per cent upper circuit on Tuesday as the company has informed exchanges that its board has approved the allotment of 2.16 lakh equity shares upon the conversion of warrants. The counter opened at Rs 553.80 on the BSE and gained further to touch the high of Rs 580.90. This is a gain of 5 per cent from the previous close of Rs 553.25.
The 52-week high of the counter is Rs 639 and the 52-week low is Rs 115. “Approved the allotment of equity shares on conversion of 2,16,350 warrants into 2,16,350 equity shares of face value of Rs. 10/- each at an issue price of Rs. 300 each (including a premium of Rs. 290/- per share), to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 4,86,78,750/- at the rate of Rs. 225/- (Rupees Two Hundred and Twenty-Five Only) per warrant,” the company said in an exchange filing.
Earlier, the company’s board approved the allotment on a preferential basis upon receipt of the balance amount aggregating to Rs 6.18 crore at the rate of Rs 225 per warrant.
“Pursuant to members approval, these warrants were allotted, in terms of SEBI (ICDR) Regulations, 2018 to non-promoters/public category, on preferential basis, at an Issue Price of Rs. 300/- per warrant on payment of Rs.75 per warrant, being 25% of the Issue Price, entitling the warrants holders to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 225/- within 18 months from the date of warrant allotment,” the filing reads.
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