Hazoor Multi Projects Ltd Forfeits Warrants After Unexercised Options Lapsed
Hazoor Multi Projects Ltd. (HMPL) has confirmed the forfeiture and lapsing of a portion of its convertible warrants issued during a preferential allotment, as approved by its Board of Directors. The decision relates to offers made under which certain warrant holders failed to exercise their options within the stipulated period.The warrants were originally allotted on a preferential basis to members belonging to the Non-Promoter, Public Category. The issue price for these fully convertible warrants was set at Rs 300/- per warrant, and they carried a right exercisable by the holder to subscribe to one Equity Share with a face value of Rs 10/- per warrant.
The company's Board, during a meeting held on Monday, June 29, 2026, approved the forfeiture of warrants that remained unexercised within the prescribed time frame. The terms of issue required that the warrant allottee pay at least 25% of the consideration at the time of allotment, with the remaining 75% payable upon exercise. If a warrant holder failed to convert their option into equity shares in the designated period, the upfront consideration paid on those warrants would be forfeited by the Company.
As the warrant holders did not utilize their options within the prescribed timeline, the Board sanctioned the forfeiture of the initial subscription amount—25% of the issue price—paid at the time of allotment. Consequently, all outstanding warrants have lapsed and stand cancelled.
The total number of warrants originally allotted was 1,25,85,300. Out of these, the company recorded that 1,01,03,074 warrants were exercised, resulting in a forfeiture count of 24,82,226 warrants. The amount forfeited stood at Rs 18,61,66,950.
A detailed breakdown of the forfeiture is provided below:
| Particulars | Details |
|---|---|
| Type of securities | Convertible Warrants |
| Type of issuance | Preferential Allotment |
| Total number of warrants originally allotted | 12,585,300 |
| Issue price per warrant | Rs 300/- |
| Date of allotment | June 25, 2024 |
| Number of warrants exercised | 10,103,074 |
| Number of warrants lapsed | 2,482,226 |
| Amount forfeited | Rs 18,61,66,950 |
The company confirmed that there is no change in the issued, subscribed and paid-up equity share capital resulting from these events. The allotment was made to a wide range of warrant holders, including corporate entities like NAV Capital Vcc - Nav Capital Emerging Star Fund and Ovata Equity Strategies Master Fund, alongside individual investors.
Stock Price Movement
Closing out trading today, Hazoor Multi Projects Ltd. saw a healthy bounce, settling at ₹24.41, which marked a 2.95% gain. During the session, the shares ranged between an intraday low of ₹23.30 and a high of ₹25.10.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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