Hazoor Multi Projects pockets ₹18.62 cr from lapsed warrants
Warrant holders didn't convert 24.82 lakh warrants in 18 months. The company forfeits the upfront payment, a windfall worth ~2.7% of its market cap.
— 2 earlier stories on Hazoor Multi Projects Ltd. →What's new
- 24.82 lakh warrants from a June 2024 preferential issue lapsed after 18 months.
- Board forfeited the 25% upfront payment, adding ₹18.62 cr to reserves.
- Unissued capital cancelled, eliminating potential equity dilution.
Why this matters
Hazoor Multi Projects just got a clean ₹18.62 cr non-operating gain, about 2.7% of its ₹683 cr market cap. The move removes the overhang of unexercised warrants and shores up book value. For a micro-cap with falling sales, this is a rare one-time cushion.
What we're watching
- What Hazoor does with the extra cash — reinvestment versus dividend.
- Any further capital structure moves after this clean-up.
- The NSE listing plan mentioned in prior coverage.
The full read
Hazoor Multi Projects has ended the uncertainty around unexercised warrants. The board forfeited ₹18.62 crore of upfront subscription money after holders of 24.82 lakh warrants failed to convert within the 18-month window. The warrants were issued at ₹300 each in June 2024, with 25% paid upfront. While 1.01 crore warrants were exercised, the rest are now cancelled. For a micro-cap with a ₹683 crore market cap and a 36.5% trailing revenue decline, ₹18.62 crore is a meaningful one-off, equivalent to 2.7% of its market value. The forfeiture directly accretes to reserves and removes the threat of dilution from unissued stock. It's a clean outcome for existing shareholders: a windfall gain that costs nothing.
Questions answered
- How much did Hazoor forfeit and from how many warrants?
- Hazoor forfeited ₹18.62 crore from 24.82 lakh warrants that were not converted within the 18-month exercise period.
- What was the original warrant issue details?
- The warrants were part of a preferential issue allotted on 25 June 2024 at ₹300 each, with 25% paid upfront. Holders could convert within 18 months.
- Does this affect the company's outstanding share count?
- No. The 1.01 crore warrants that were exercised are already reflected; the forfeited warrants are cancelled, so issued capital stays unchanged.
- How significant is ₹18.62 cr relative to Hazoor's size?
- It's about 2.7% of Hazoor's ₹683 crore market cap and a meaningful addition to reserves, especially given a 36.5% trailing revenue decline.
- Will this boost reported profits?
- Yes, the ₹18.62 crore forfeiture is a non-operating gain that will flow to the profit and loss statement, boosting reported net profit for the quarter.
Hazoor Multi Projects Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on HAZOOR →- 29 Jun 2026 · 5:24 PM IST Hazoor Multi Projects pockets ₹18.62 cr from lapsed warrants
- 41d ago Hazoor Multi Projects cancels Gammon EPC deal, eyes NSE listing
- 41d ago Hazoor Multi Projects scraps Gammon EPC deal, eyes NSE listing