HMPL acquires 100% equity shares of Square Port Shipyard

Infrastructure company Hazoor Multi Projects Ltd (HMPL) on Tuesday said that it has acquired 100 per cent equity shares of Square Port Shipyard Private Limited for Rs 3.91 crore. 

"The Company has acquired 100% equity shares of Square Port Shipyard Private Limited by way of Share Purchase Agreement (SPA) and for cash consideration of Rs 3,91, 50,000 at a share price of Rs 261 per share," the company said in the filing.

Earlier on Saturday, the company said its board has approved a proposal to raise Rs 486 crore through the issuance of warrants. The plan was approved by the board of the company at a meeting on Friday, HMPL said in a regulatory filing.

The board has 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.

The proposal is subject to the approval of shareholders and other regulatory authorities, HMPL added.

"Upon issue of Warrants in accordance herewith, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees," it noted.

The company said it looks to utilise the proceeds to enhance financial resources to fund its growth.

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