Realty Stock Hazoor Multi Projects Rs Rs.17.94 Cr Project From NHAI, Scrip Rally

On Friday, the shares of Hazoor Multi Projects were trading 2.90% higher at Rs 609.70 per share compared to the previous close of Rs 592.60 after the company secured a massive order from NHAI.

Hazoor Multi Projects Limited received a contract from the National Highways Authority of India to serve as the user fee collection agency for the Bogalur fee plaza at km. 98.129 for the Madurai-Paramakudi-Ramanathapuram extend of NH-9 in the state of Tamil Nadu, spanning from km. 55.000 to km.120.484 (2 lane/ 4 lane). The contract also includes maintenance and upkeep of the nearby toilet blocks, including consumable items. The project that was granted is worth Rs. 17.94 crores.

Hazoor Multi Projects also informed stock exchanges on Thursday that "the fund-raising committee of the Company in their meeting held today i.e. Thursday, September 12, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 1,37,000 warrants into 1,37,000 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.3,08,25,000/- at the rate of Rs. 225/- (Rupees Two Hundred and Twenty-Five Only) per warrant (being 75% of the issue price per warrant)."

"Pursuant to members approval, these warrants were allotted, in terms of SEBI (ICDR) Regulations, 2018 to NonPromoters/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. Consequent to today's conversation of warrants/allotment of Equity Shares, the issued and paid-up capital of the Company stands increased to Rs. 19,70,13,520/- consisting of 1,97,01,352 equity shares of Rs. 10/- each. The new equity shares so allotted, shall rank pari-passu with the existing equity shares of the Company. It may be pleased note that 1,15,94,489 total warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 225/- per warrant within 18 months from the date of warrant allotment," the company further informed in a regulatory filing.

Hazoor Multi Projects Limited was granted permission by the National Highways Authority of India on Wednesday to serve as the user fee collection agency at Mulawad FP for the purpose of expanding the NH218 Bijapur Hubli section in the state of Karnataka to two lanes with paved shoulders from km. 4.40 to 56.00. The project that was granted is worth Rs. 2.59 crores.