Realty stock approves preferential allotment of 12.50 lakh equity shares - Check details
Consequent to today's conversation of warrants/allotment of equity shares, the issued and paid-up capital of the company has been increased to Rs 23,28,48,910, consisting of 23,28,48,910 equity shares of Re 1 each.
Infra-to-energy player Hazoor Multi Projects has informed exchanges that its fund-raising committee has approved the preferential allotment of 12,50,000 equity shares, each with a face value of Re 1, to non-promoter entities Seabird Leasing and Finvest Private Limited. The issue price is Rs 30 per share, including a premium of Rs 29. The allotment follows the conversion of 1,25,000 warrants issued earlier at Rs 300 each, adjusted after the company's stock split from Rs 10 to Re 1 face value, according to a regulatory filing.
Consequent to today's conversation of warrants/allotment of equity shares, the issued and paid-up capital of the company stands increased to Rs 23,28,48,910, consisting of 23,28,48,910 equity shares of Re 1 each.
"It may be pleased note that 80,10,950 total warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75 per cent i.e., Rs. 225/- per warrant within 18 months from the date of warrant allotment," the filing reads.
Earlier, the company said it has incorporated a new arm to undertake power and renewable energy projects.
The development comes after the company informed about its plans to set up a 500 MW solar project in Andhra Pradesh at an investment of Rs 2,500 crore, last month, and a 1.2 GW capacity solar park in Solapur, Maharashtra in January.
"...a wholly owned subsidiary in the name of Hazoor New & Renewable Energy Pvt Ltd has been incorporated...and except HMPL, no promoter/promoter group/group companies have any interest in the entity," HMPL said in a regulatory filing.
The subsidiary has been incorporated for the execution of power and green energy business, the company said.
Hazoor New & Renewable Energy Pvt Ltd is a related party of HMPL, the filing said.
Mumbai-based HMPL provides engineering, procurement and construction services in renewable energy and building road projects segments.