Hazoor Multi Projects Ltd. Redeems Investment in Subsidiary’s Optionally Convertible Debentures
Hazoor Multi Projects Ltd. has finalized the redemption of its investment in Optionally Convertible Debentures (OCDs) issued by its wholly owned subsidiary, Square Port Shipyard Private Limited (SPSPL). The redemption concluded with the company receiving full and final payment for the OCDs, which were valued at Rs 25 Crores.The transaction involved the complete repayment of the 0.01% Optionally Convertible Debentures held by Hazoor Multi Projects Ltd. This settlement was completed in accordance with the terms and conditions established governing the OCDs and based on a mutual agreement between the two companies.
Following the successful redemption, the investment made by Hazoor Multi Projects Ltd. in these specific OCDs is now extinguished. It was confirmed that no equity shares were allotted pursuant to these debentures.
The redemption does not alter the corporate structure regarding the subsidiary relationship; Square Port Shipyard Private Limited remains a wholly owned subsidiary of Hazoor Multi Projects Ltd. Furthermore, the transaction was noted as having no material adverse impact on the operations or financial standing of the company.
Stock Price Movement
Hazoor Multi Projects Ltd shares settled at ₹24.41 today, edging up by 2.95%. The stock demonstrated volatility intraday, finding a low of ₹23.30 but climbing as high as ₹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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