Small Cap Infra Stock Hazoor Multi Projects To Raise Rs. 486 Cr

On Friday, amid weakness in the stock market, the shares of Hazoor Multi Projects were witnessing a decline of two per cent and were trading at the level of Rs 372.45, down by Rs 7.60. The shares of Hazoor Multi Projects, which has a market cap of about Rs 567 crore, have a 52-week high of Rs 454 while the 52-week low is Rs 88. The shares of Hazoor Multi Projects have been facing weakness for the last few days but have given a return of 12 per cent to the investors in the last one month.

Hazoor Multi Projects Limited has informed the stock market that its Board of Directors had a meeting on May 3. In this meeting, approval has been given to issue 1.62 crore fully convertible warrants. These convertible warrants are being issued to non-promoter public category investors on a preferential basis at a price of Rs. 300 per warrant. This will help the company to raise Rs 486 crore.

Recently, the company acquired Square Port Shipyard for cash consideration of nearly Rs 4 crore. Square Port Shipyard was incorporated in 2022. It is engaged in the manufacturing and repairing of vessels and related items. On objects and effects of the acquisition, Hazoor Multi Projects said: "Economies of scale and diversification for better growth and expansion."

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.