Hazoor Multi Projects allots 350000 shares

Hazoor Multi Projects Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2009, inter alia, has considered and made the allotment of 3,50,000 Equity Shares of Rs 4/- each at a price of Rs 16/- each (Rs 4/- each at a premium of Rs 12/- each) on conversion of equivalent number at share warrants out of 85,00,000 share warrants issued and allotted on Preferential Allotment Basis.

The Allottee Pranam Reality Pvt. Ltd was allotted 350000 shares conversion of warrants. The allottee falls under the category - Body Corporate from Public- non promoter.

The Board also considered the extinguishment of 46,25,000 share warrants pending conversion, out of 85,00,000 share warrants issued on Preferential Allotment Basis on October 08, 2007 and forfeit the application money of Rs 74,00,000 paid on these warrants due to non-exercise of option to convert the warrants into equity shares by the warrant holders.

The stock was trading at Rs.5.41, down by Rs.0.24 or 4.25%. The stock hit an intraday high of Rs.5.74 and low of Rs.5.40.

The total traded quantity was 3307 compared to 2 week average of 27822.

Source : Equity Bulls

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