Hazoor Multi Projects Ltd Warrant Conversion and Equity Allotment Increase Paid-Up Capital

Hazoor Multi Projects Ltd. has informed stock exchanges that its fund-raising committee has allotted 37,35,440 fully paid equity shares. The shares carry a face value of Re. 1 each and an effective issue price of Rs. 30 per share, including a securities premium of Rs. 29.

Following this preferential allotment, the issued and paid-up equity share capital of Hazoor Multi Projects Ltd. has increased. The company now has 24,06,75,350 equity shares of Re. 1 each, taking the paid-up equity capital to Rs. 24.06 crore, according to the filing.

The fresh shares arise from the conversion of 3,73,544 warrants that had been issued on a preferential basis to non-promoter or public investors. Each warrant was originally issued at Rs. 300, with 25% paid upfront and the remaining 75% due at the time of conversion.

On conversion, Hazoor Multi Projects Ltd. received Rs. 225 per warrant, representing the balance 75% payment. The company has stated that this brought in Rs. 8.40 crore. The newly issued equity shares will rank pari passu with the existing equity shares in all respects.

The company’s capital structure had changed earlier after a subdivision of its equity shares. Face value was reduced from Rs. 10 to Re. 1 per share. Post split, each warrant of Hazoor Multi Projects Ltd. entitled the holder to ten equity shares, which explains the 37,35,440 shares from 3,73,544 warrants.

Eight investors exercised varying quantities of these warrants. The participants were V Cats Consultancy LLP, Piyush Gupta, Akshay Arora, Trading IDEA, Amar Vijaykumar Agrawal, Ajay Vijaykumar Agrawal, Simple Amar Agrawal, and Deepak Bhansali. All conversions were recorded under the non-promoter or public category.

Hazoor Multi Projects remaining warrants and SEBI timeline

Despite the latest conversion, a sizable block of warrants of Hazoor Multi Projects Ltd. is still pending exercise. The company disclosed that 72,28,306 warrants remain outstanding. These instruments may be converted into equity shares within the authorised 18-month period, in line with SEBI regulations.

Founded in 1992 and based in Mumbai, Hazoor Multi Projects Ltd. operates in real estate and infrastructure development. The company is listed on the BSE and is categorised as a small-cap stock. Current market capitalisation is around Rs 860 crore, placing it among smaller listed infrastructure peers.

Hazoor Multi Projects financial metrics and valuation overview

Public data from ticker.finology.in indicates that the company has shown strong long-term growth trends. Over three years, Hazoor Multi Projects Ltd. reported a revenue compound annual growth rate of 51.94%. Profit growth over the same period stood at 78.39%, reflecting a sharp increase in earnings.

Metric	Figure	Period / Note
Revenue CAGR	51.94%	Three-year
Profit growth rate	78.39%	Three-year
Operating cash flow	-Rs 49.46 crore	Latest reported
Contingent liabilities	> Rs 355 crore	Latest reported
P/E ratio	~46.44	Relative to peers

However, the balance sheet of Hazoor Multi Projects Ltd. shows stress points alongside growth. The firm has reported negative operating cash flow of Rs 49.46 crore. Contingent liabilities stand above Rs 355 crore. The stock trades at a price-to-earnings ratio of about 46.44, which appears elevated compared with sector rivals.

Hazoor Multi Projects expansion, leverage profile and shareholding

Despite these financial pressures, the company has maintained a high Interest Coverage Ratio, suggesting manageable servicing of debt costs. Hazoor Multi Projects Ltd. has also been active on the business development front, securing letters of award from entities such as Oil India and NHAI.

The company has recently broadened its portfolio by entering the renewable energy segment. Corporate actions include a face value split of equity shares from Rs. 10 to Re. 1 in late 2024. As of the quarter ended September 2025, the promoter shareholding in Hazoor Multi Projects Ltd. stood at a relatively low 17.59%.

The latest warrant conversion and equity allotment strengthen paid-up capital and bring additional funds into Hazoor Multi Projects Ltd. At the same time, investors may track the high valuation, cash flow position, contingent liabilities, and low promoter holding when assessing the company’s long-term financial profile.