Realty Stock Announces Rs 383.78 Cr Fundraising; Plans Green Energy Expansion

On Saturday, the company's stock increased by 2% to stand at Rs 56.48 which is almost 99% higher than its 52-week low of Rs 28.41. HMPL continues to show strong profitability while moving into the renewable energy space, giving many investors high confidence in the company's performance.

HMPL is venturing into the solar energy market with the development of CSMSUP which is the first solar park in Maharashtra. This park will be built in partnership with one of the British Multinational companies and will have a generation capacity of 1.2 GW. It will be built on a 4200-acre land located in the Solapur district. This solar park will use 750-watt solar panels for both fixed and tracking methods. These innovative technologies will increase the energy output of the solar park. Apart from helping India achieve their national renewable energy targets, this project will also have a significant impact on India's carbon footprint, as well as create jobs in Solapur and help India become a leader in sustainable development. HMPL is also working on other projects, including solar hybrid ones, in partnership with other foreign companies for a total of 1,200 MW in Maharashtra and 500 MW in Andhra Pradesh.

HMPL's Green Solar Park located in Prakasam District, Andhra Pradesh, which is expected to have a capacity of 500 MW, has received in-principle approval by NREDCAP, Andhra Pradesh's single window nodal agency for renewable energy. It is estimated that the project will cost Rs 2,500 crore and will cover 2,000 acres while conforming to the Andhra Pradesh Integrated Clean Energy Policy 2024. According to the agency, they will also help out with the grid connectivity coordination, the evacuation of power, and the procuring of land for the project themselves. They also want a DPR for the allocation of the capacity to be done. This support helps strengthen HMPL's stance in the Indian Renewable Energy arena and increases the commitment of Andhra Pradesh towards clean energy.

Following the announcement of Hazoor Multi Projects of RS 383.78 Crore Fundraising via Preferential Issue and the setting of an EGM to approve key expansion and capital raise plans, there was buying interest in the shares.

In their meeting today, Tuesday, January 28, 2025, the company's board of directors declared that, in addition to continuing with its current activities, it will be expanding into green energy and allied industries.

"To carry on the business of design, research, manufacture, alter, sell, finance, import, export, and develop energy-efficient technologies and renewable energy solutions, including solar panels, wind power systems, bioenergy technologies, and biofuels, with the aim of promoting sustainable practices by harnessing both conventional and non-conventional energy sources for power generation and distribution, establishing strategic collaborations with leading multinational companies for technology transfer, joint ventures, and global solutions and engage in the development and implementation of energy distribution infrastructure, including smart grids, and facilitate the wheeling, banking, and sale of electricity to government bodies, state electricity boards, power finance corporations, private corporations, and entrepreneurs, in addition to manufacturing and exporting renewable energy equipment and products globally. Includes promote the adoption of renewable energy across residential, commercial, and industrial sectors, and support the production of sustainable biofuels, all while expanding its global presence and contributing to the transition to a cleaner, more sustainable energy future," Hazoor Multi Projects informed to stock exchanges while announcing the green-energy expansion plan.

Strategic investors who fall under the "Non-Promoter, Public Category" category can raise up to 7,0033,000 in fully convertible warrants that can be converted into an equivalent number of fully paid-up equity shares of the company with a face value of Re. 1/- (Rupee One Only) in one or more tranches. This will help finance the expansion of the new business segment, spur additional growth, and improve the company's financial resources.

The building timeline for Chhatrapati Shivaji Maharaj Saur Urja Park (CSMSUP), the state's first state solar park, has been determined by Hazoor Multi Projects, a real estate and construction firm. The park will have an incredible 1.2 GW solar capacity and will be created in collaboration with one of the leading global firms situated in the United Kingdom. The project will use new solar technologies on more than 4,200 acres of land in the Solapur district, with each panel expected to produce more than 750 watts.

Hazoor Multi Projects Limited was established in 1992 and has since mostly focused on infrastructure development rather than residential building. It also serves as a subcontractor on national highway projects.