Shares of Hazoor Multi Project Hits 5% Upper Circuit After 233% Rally In 6 Months; Here’s Why

Hazoor Multi Projects Ltd. has informed through an exchange filing on Monday, that the board meeting will be organised on April 12 to consider a proposal to increase the authorized share capital. The board will also take up a proposal to raise funds to meet the company's growing business needs.

The company said in an exchange filing, "Proposal for further raising of funds, for company's growing business needs, by way of issue of Equity Shares, Warrants, other securities, convertible instruments through Preferential Issue, Private Placement, Qualified Institutional Placement, Rights Issue, or such other permissible method as may be decided by the Board, or any combination thereof, and to approve ancillary actions for the above mentioned fund raising, subject to such statutory/regulatory approvals as may be necessary".

Recently, the company has stated that its board of directors has approved the allotment of 35 lakh equity shares on a preferential basis. The Board has approved the allotment of 35,00,000 equity shares, on a preferential basis having a 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 an amount aggregating to Rs.62,30,00,000 at the rate of Rs. 178 per equity share.

Hazoor Multi Projects Ltd. is an infrastructure and real estate firm. It engages in executing and developing elite schemes, including a multistorey residential tower in Pune; and an exclusive bungalow scheme near Amby Valley at Lonavala. The company was founded on December 1, 1992 and is headquartered in Mumbai.