Hazoor Multi Projects has approved the allotment of 2.16 lakh equity shares upon the conversion of warrants into an equivalent number of equity shares with a face value of Rs 10 each.

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"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.

According to the company, Shree Vihar Housing & Developers Private Limited was allotted 2 lakh shares and Pranav Kant has been allotted the remaining 75,000 equity shares.