Hazoor Multi Projects preference issues details
the small-cap company with a market cap of ₹nearly 725 crore informed the Indian stock markets about the move saying, “As per 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 its meeting held today, ie 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 contemplated and approved to accelerate growth further and increase the financial resources of the Company by raising funds, by creating, issuing and allotting up to 1,62,00,000 (One Crore and Sixty Two Lakhs only) Fully convertible warrants convertible into an equivalent number of fully paid up share of the Company having a nominal value of Rs 10/- (Rupees Ten Only), to the persons belonging to “Non-Promoier, Public Category”, as detailed in Annexure-!I, on a preferential basis, at an issue price of Rs.300/- (Rupees Three Hundred only) per warrant, which is higher than the floor price determined as per the provision of Chapter V of SEBI ICDR Regulations, payable in cash for aggregating an 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 the Companies (Prospectus and Allotment of Securities) Rules, 2014, and the Companies (Share Capital) ). and Bonds) Rules, 2014 as amended (“Rules”), Chapter V of SEBI ICDR Regulations, in such manner and on such terms and conditions as may be determined by the Board in its absolute discretion under the SEBI ICDR Regulations and other applicable laws . subject to approval by shareholders and other regulatory authorities, as applicable. Upon issuance of Warrants in accordance with this, an amount equivalent to 25% (twenty-five percent) of the total issue size will be called in advance by the proposed allottees.”
Top 5 details
1) Hazoor Multi Projects preferential issue price: The company board has set the issue price at ₹300 per equity share.
2) Hazoor Multi Projects preferred topic size: The company aims to raise ₹486 crore from its preferential offer.
3) Hazoor Multi Projects preferential issue award: The company shares ended at ₹389 per Friday, which means the preferred offer is available at a premium of 30 percent.
4) Capital offer: The corporate board said so ₹486 crore fundraising would be achieved through the issue of 1.62 crore warrants, which are fully convertible into an equal number of equity shares.
5) Purpose of the offer: The company aims to accelerate growth and increase the financial resources of the Company through the collection of funds.
The company board also declared an increase in authorized share capital saying: “We want to inform you that the Board of Directors of the Company in its meeting held 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) consisting of 30,50,00,000 share capital divided into 3,05,00,000 (Three Crores Five Lacs) Equity Shares of Rs 10/- each and Rs.00,00 Rupees Fifty Crores) Preference Share Capital divided into 500 (Five Hundred) Preference Shares of Rs. 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 Crores) Preference Share Capital divided into 500 (Five Hundred) Preference Shares of Rs. 10,00,000 each and subsequent 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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Published: 13 Apr 2024, 15:05 IST