Mauritius-Based FII Stock Okays 1,25,85,300 Convertible Warrants; 3,900% Returns In 3 Years

On Wednesday, the shares of Hazoor Multi Projects were in focus after the Board of Directors on Tuesday considered and approved the allotment of 1,25,85,300 fully convertible warrants to persons belonging to "NonPromoter, Public Category" at an issue price of Rs 300.

"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," informed Hazoor Multi Projects to stock exchanges.

Minerva Venture Fund Limited, Resonance Opportunities Fund, NAV Capital VCC-NAV Capital Emerging Star Fund, Ovata Equity Strategies Master Fund, North Star Opportunities Fund VCC-Bull Value Incorporated VCC SUB-Fund, Radiant Global Fund-Class B Participating Shares, Seabird Leasing and Finvest Private Limited, West Midlands Ventures Pvt Ltd, Shree Vihar Housing & Developers Private Limited and Donald Venture Private Limited were among the top 10 allottees of the non-promoter category to whom warrants have been issued at a price of Rs 300 each on preferential basis.

The company reported 25.93% promoters shareholding, 10.92% FIIs stake and 63.15% public stake as of March 2024 quarter. Amicorp Capital (Mauritius) Limited, Maybank Securities Pte Ltd and Ag Dynamic Funds Limited are among the top FII stakeholders in Hazoor Multi Projects with equity stakes of 1.22%, 1.38% and 2.92% respectively.

The shares of Hazoor Multi Projects reached a 52-week-high of Rs 454.00 on (23/02/2024) and a 52-week-low of Rs 110.00 on (31/07/2023), indicating a 225% gain from 52W Low. Trendlyne data shows that Hazoor Multi Projects' stock price jumped by 144.57% over the previous year, outperforming its sector by 70.12%. The company has a low debt-to-equity ratio of 0.03 among its peers.

Hazoor Multi Projects is one of Dalal Street's multibagger stocks; positional shareholders have received returns of 24,021.62% over the previous five years, 3,900% over the last three, 160% over the last year, and 4.02% YTD. The stock has gone up 12.55% over the previous six months and 3.58% during the past month.

An Indian firm named Hazoor Multi Projects Limited (HMPL) is involved in the real estate and infrastructure sectors. The construction of roads is HMPL's primary area of expertise.