This civil construction company approves allotment of equity shares against warrants

Infra-to-energy player Hazoor Multi Projects Ltd (HMPL) informed the exchanges that its board has approved the allotment of equity shares upon the conversion of warrants. The small-cap company said that the fund-raising committee of HMPL has approved the allotment of 3.27 lakh equity shares with a face value of Re 1 each at an issue price of Rs 30 each (including a premium of Rs 29 each).

The company said that shares have been allotted to the 'non-promoters/public category' on a preferential basis upon receipt of Rs 73.68 lakh at Rs 225 per warrant. 

After this conversion of warrants/allotment of equity shares, the HMPL's issued and paid-up capital increased to Rs 22,44,33,910, consisting of 22,44,33,910 equity shares of Re 1 each. 

The filing said that 88,52 lakh warrants are still outstanding for conversion, and these warrant holders are entitled to have their warrants converted into equity shares within 18 months from the date of warrant allotment.

HMPL Share Price

Hazoor Multi Projects share started the session with a minor discount at Rs 43 against the previous close of Rs 43.19. However, it rebounded as the Indian stock market reacted positively to the Reserve Bank of India's bigger-than-expected rate cut of 50 basis points to 5.5 per cent.

The counter gained 5.3 per cent to touch a high of Rs 45.50. It ended the session at Rs 45.03, with a gain of 4.26 per cent. 

The stock has given a multibagger return of 189 per cent in two years and 1715 per cent in three years. However, it has corrected 15 per cent so far this year.

Won a 23 crore project from NHAI

Meanwhile, the company has secured an order worth Rs 23 crore from the National Highways Authority of India (NHAI).