It was announced on Saturday that the board of directors of the infrastructure business Hazoor Multi Projects Ltd (HMPL) had given its approval to a plan to fund Rs 486 crore via the issuing of warrants. According to a regulatory filing made by HMPL, the proposal was accepted by the firm’s board of directors at a meeting on Friday.
The board of directors has authorized a fundraising amount of Rs 4,860 million. According to the firm, this will be accomplished by issuing and allotting up to 1.62 crore fully convertible warrants to individuals who fall under the categories of “non-promoter” and “public” on a preferential basis at an issue price of Rs 300 per warrant.
In its announcement, it said, “Upon issue of Warrants in accordance herewith, an amount equivalent to 25 percent of the total issue size shall be called upfront from the proposed allottees.”
Conclusion
The firm has said that it intends to make use of the revenues to improve its financial resources and support its expansion. In addition, the board of directors approved several ideas, one of which was establishing a committee to raise funds for the organization.
