Background and Regulatory Context

This disclosure is in furtherance of the Company's earlier disclosures dated April 12, 2024, May 3, 2024, and May 7, 2024 regarding approval of a preferential issue of up to 1,62,00,000 fully convertible warrants at an issue price of ₹300 per warrant. The disclosure dated June 25, 2024 detailed the allotment of 1,25,85,300 fully convertible warrants to persons belonging to "Non-Promoter, Public Category" at an issue price of ₹300 per warrant, payable in cash, aggregating ₹94,38,97,500, with upfront payment of ₹75 per warrant (25% of warrant issue price).

Board Action and Approval

The Board of Directors of Hazoor Multi Projects Limited, at its meeting held on Monday, June 29, 2026 (started at 03:00 PM and concluded at 05:00 PM), approved the forfeiture of certain warrants issued on a preferential basis that remained unexercised within the prescribed time period. This action was taken pursuant to Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015 and in accordance with Regulation 169(2) and (3) of the SEBI (ICDR) Regulations, 2018.

Warrant Terms and Conditions

The warrants were allotted on a preferential basis to Non-Promoter, Public Category investors. Pursuant to Regulation 169(2) of SEBI (ICDR) Regulations, 2018, warrant allottees paid at least 25% of the consideration (₹75 per warrant) at the time of allotment, with the balance 75% payable at the time of exercise and allotment of equity shares.

Reason for Forfeiture

Since the warrant holders did not exercise their option to convert the warrants into equity shares within the stipulated period prescribed under the terms of issue and applicable SEBI (ICDR) Regulations, the Board approved the forfeiture of the upfront subscription amount (25% of the issue price) paid at the time of allotment.

Details of Forfeiture

  • Type of securities: Convertible Warrants
  • Type of issuance: Preferential Allotment
  • Total number of warrants originally allotted: 1,25,85,300
  • Issue price per warrant: ₹300
  • Date of allotment: June 25, 2024
  • Tenure: 18 Months
  • Number of warrants exercised: 1,01,03,074
  • Number of warrants lapsed: 24,82,226
  • Amount forfeited: ₹18,61,66,950
  • Change in capital structure: No

Warrant Holders with Lapsed Warrants

The 34 warrant holders whose warrants have lapsed include:

  • Black Hawk Properties Private Limited: 300,000 warrants
  • Amit Mehta: 12,150 warrants
  • Abhishek Maheshchand Khandelwal: 16,350 warrants
  • Ratilal Somchand Shah: 16,350 warrants
  • NAV Capital Vcc - Nav Capital Emerging Star Fund: 819,650 warrants
  • Tatavarthy Chinna Venkata Narasimha Rao: 15,000 warrants
  • Venkatram Mandalapu: 47,000 warrants
  • Kunal Kailash Parekh: 19,650 warrants
  • Ovata Equity Strategies Master Fund: 246,000 warrants
  • Mayank Gupta: 16,350 warrants
  • Varun Jain: 8,150 warrants
  • Ratnesh Mehra: 17,000 warrants
  • Mansi Dua: 16,350 warrants
  • Vineet Arora: 127,850 warrants
  • Madhava Rao Nalla: 32,750 warrants
  • Nikhil Tyagi: 163,925 warrants
  • Debashish Neogi: 50,000 warrants
  • Sharat Kumar: 16,350 warrants
  • Jitendra Somchand Shah: 16,350 warrants
  • Jigar Zaverchand Shah: 16,350 warrants
  • Haresh Somchand Shah: 16,350 warrants
  • Narayan Agrawal: 9,800 warrants
  • Pravin Kumar Gupta: 11,250 warrants
  • Rajiv Mehta: 180,000 warrants
  • Areeza India Strategy Partners LLP: 32,750 warrants
  • Suhani Poddar: 8,175 warrants
  • Deepak Setia: 15,000 warrants
  • West Midlands Cars Private Limited: 1 warrant
  • Namrata Natinkumar Shah: 10,800 warrants
  • Priya Goyal: 50,000 warrants
  • Punam Choudhury: 50,000 warrants
  • Apoorva Khandelwal (Huf): 8,175 warrants
  • Sourav Choudhary: 50,000 warrants
  • NVS Corporate Consultancy Services Pvt. Ltd.: 50,000 warrants

Capital Structure Impact

All outstanding warrants have lapsed and stand cancelled. As no equity shares have been allotted pursuant to the exercise of these warrants, there is no change in the issued, subscribed and paid-up equity share capital of the Company.

Note on Share Subdivision

The Company, at its Annual General Meeting held on 27th August, 2024, approved the subdivision of 1 Equity Share of face value of ₹10 each into 10 Equity Shares of face value of ₹1 each. The conversion and allotment have been carried out pursuant to this sub-division.