Realty Stock Hit 2% Upper Circuit As Mauritius-Based FPIs Buys Stake: Do You Own?

Hazoor Multi Projects Ltd is a small-cap realty stock which opened today on the BSE at Rs 5.50 apiece and during the morning session, the scrip reached a 2% upper circuit limit at Rs 5.75 after Mauritius-based FPIs bought a stake.

"Pursuant to the members' approval obtained at the Extra-ordinary General meeting of the Company held on January 02, 2024 by means of passing a Special Resolution and 'In-Principal Approval' obtained from the Stock Exchange i.e. BSE Limited, In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held on today i.e.

Thursday, February 01, 2024 considered and approved the allotment of 35,00,000 (Thirty-Five Lakhs Only) equity shares, on preferential basis to the following persons belonging to "Non-Promoter, Public Category", having face value of Rs.10/- each, at an issue price of Rs.178 per equity share (including a premium of Rs. 168 per equity share) for cash consideration, after receipt of amount aggregating to Rs.62,30,00,000 (Rupees Sixty-Two Crores and Thirty Lakhs Only) at the rate of Rs. 178 per equity share," said Hazoor Multi Projects in a stock exchange filing.

Through the preferential allotment, a Mauritius-based FPI Vespera Fund Limited bought 5,50,000 shares of the company whereas FPIs like Aries Opportunities Fund and Elara India Opportunities have been allotted 5 lakh shares of the company. Kiftar IN LLC picks up 2,50,000 shares of Hazoor Multi Projects.

"Consequent to today's allotment of Equity Shares, the fully paid-up capital of the Company stands increased to Rs 18,65,99,190 /-consisting of 1,86,59,919 equity shares of Rs. 10/- each," said Hazoor Multi Projects in a regulatory filing.

Hazoor Multi Projects Limited is an Indian firm that operates in the real estate and infrastructure sectors.