Upcoming Rs 2 Dividend: Realty Stock Okays Conversion of 2,75,000 Warrants Into Shares; Do You Own?

The small cap real estate company Hazoor Multi Projects shares were in green in the morning trade of Wednesday surging by 1.30% at Rs 409.90. The company's market cap reached Rs 765 Cr. The buying trend seen in the stock after the company announced allotment of conversion of 2,75,000 warrants into shares.

"We wish to inform you that the fund-raising committee of the Company in their meeting held today i.e. Wednesday, August 21, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 2,75,000 warrants into 2,75,000 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. 6,18,75,000/- at the rate of Rs. 225," said Hazoor Multi Projects in a stock exchange filing.

Pursuant to members approval, these warrants were allotted to Shree Vihar Housing & Developers Private Ltd, Pranav Kant under the non-promoter 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, as per a regulatory filing.

Hence, the above warrant holders get their warrants converted into equal numbers of equity shares of the company by paying the 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. 19,56,43,520/- consisting of 1,95,64,352 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 1,17,31,489 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," Hazoor Multi Projects further informed stock exchanges.

Recently on 19th August, 2024, the company emerged as lowest bidder for the project of Maharashtra State Infrastructure Development Corporation (MSIDC) to initiate Engineering, Procurement and Construction (EPC Work) based on a quoted bid price Rs.273.74 Crores. The order will be executed in 2.5 years (912 Days).

Hazoor Multi Projects is also going to pay shareholders 1st interim dividend of Rs 2 per share for FY25. 28th August, 2024 has been fixed as the record date in order to determine the eligible shareholders for the cash payout.