Hazoor Multi Projects has informed exchanges that the board has approved the allotment of 1,25,85,300 fully convertible warrants carrying a right exercisable to subscribe one equity share of Rs 10 face value.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Each of the warrants will be convertible into or exchangeable for one fully paid-up equity share having a face value of Rs 10 on payment of the balance amount (75 per cent) within 18 months from the date of allotment.

"Each of the Warrant, so allotted, is convertible into or exchangeable for one fully paid-up equity share having a face value of Rs. 10/- (Rupees Ten Only) of the Company in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, on payment of the balance consideration i.e. 75% of the Warrant Issue Price from the Allottees within 18 months from the date of allotment of these warrants," the company said in an exchange filing.

Earlier, the board approved fundraising of Rs 4,860 million through issuing and allotting up to 1.62 crore fully convertible warrants to the persons belonging to the 'non-promoter' and 'public' category on a preferential basis at an issue price of Rs 300 per warrant, the company said.

Besides, the constitution of a fundraising raising committee was among the several proposals approved by the board. HMPL is into building road projects on an engineering, procurement and construction (EPC) basis.

With PTI inputs