Multibagger Penny Stock Under Rs 60 In Green As Board Approved Allotment of 24,95,500 Equity Shares on Conversion of Warrants
The stock is up by 95 per cent from its 52-week low of Rs 28.41 per share.
On Thursday, shares of Hazoor Multi Projects Ltd surged 2.9 per cent to Rs 55.39 per share from its previous closing of Rs 53.83 per share. The stock is up by 95 per cent from its 52-week low of Rs 28.41 per share.
Hazoor Multi Projects Ltd (HMPL) approved the allotment of 24,95,500 equity shares with a face value of Re 1 each at an issue price of Rs 30 each (including a premium of Rs 29), resulting from the conversion of 24,955 warrants. These warrants, initially issued at Rs 300 each, were converted after a stock split (1 share of Rs. 10 to 10 shares of Re 1). The allotment was made on a preferential basis to non-promoter/public category individuals, following the receipt of the remaining Rs 56,148,750 (Rs 225 per warrant, representing 75 per cent of the original warrant issue price) upon the warrant holders' exercise of their conversion rights.
Additionally, HMPL will issue up to 70,033,000 convertible warrants via preferential allotment to public strategic investors, raising up to Rs 383.78 crore. Each Rs 54.80 warrant allows subscription to one equity share within 18 months. Post-allotment, public shareholding will rise to 86.03%, while promoter holding will fall to 13.97%. Allottees include FIIs like Minerva Ventures Fund, Zeal Global Opportunities Fund, MGO HIGH CONVICTION FUND INCORPORATED VCC SUB-FUND and Bridge India Fund.
Furthermore, HMPL is also entering the green energy sector with the Chhatrapati Shivaji Maharaj Saur Urja Park (CSMSUP), Maharashtra's first solar park. This 1.2 GW, 4,200-acre project in Solapur, a joint venture with a UK multinational, will use 750-watt panels and fixed/tracking systems. CSMSUP will boost renewable energy, create jobs, and attract investment. HMPL is also pursuing solar hybrid projects in Maharashtra (1,200 MW) and Andhra Pradesh (500 MW).
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About the Company
Hazoor Multi Projects Ltd is a leading player in the Indian infrastructure sector, specialising in a diverse range of projects including road construction, bridges, flyovers, and other civil engineering works. With a strong commitment to quality, safety, and timely delivery, Hazoor Multi Projects has established a solid reputation for excellence in the industry. The company boasts a skilled workforce and a robust infrastructure, enabling it to undertake challenging projects of varying scales and complexities. Hazoor Multi Projects contributes to the nation’s growth by developing vital infrastructure that supports economic progress and enhances connectivity.
The company has a market cap of Rs 1,117 crore. According to Quarterly Results, the net sales increased by 118 per cent to Rs 153.08 crore and net profit increased by 17 per cent to Rs 11.02 crore in Q2FY25 compared to Q2FY24. In its half-yearly results, the net sales decreased by 59 per cent to Rs 225.16 crore and net profit decreased by 68 per cent to Rs 20.48 crore in H1FY25 compared to H2FY24.
The company's ex-traded stock shares split in the ratio 10:1 i.e., sub-division of equity shares of Rs 10 face value, 10 equity shares of face value of Re 1 each on Thursday, November 07, 2024. The company's shares have a PE of 13x whereas the sectoral PE is 23x. The stock gave multibagger returns of 430 per cent in just 2 years and a whopping 1,800 per cent in 3 years. From Rs 0.15 to Rs 55.39 per share; the stock rocketed 36,827 per cent in 5 years. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.