Hazoor Multi Projects Shares In Green After A Series of Announcements

On Wednesday, the shares of Hazoor Multi Projects were trading 0.89% higher at Rs 408.85 apiece after the 32nd Annual General Meeting (AGM) of the company was held today i.e. Tuesday, August 27, 2024. The Annual General Meeting commenced at 01:00 P.M. and concluded at 01:32 P.M. and E-voting window was closed at 02:02 P.M.

During the AGM, the Board of Directors of Hazoor Multi Projects approved the appointment of Tejas Kirtikumar Thakkar (DIN: 01638689), as an executive director of the company, the appointment of Arvind Vilasrao Sapkal (DIN: 08607096), as a non-executive non-independent director of the company, the appointment of Pramod Kumar (DIN: 10640996) as an independent director, appointment of Divya Solanki (DIN: 10664248) as an independent director, re-appointment of Harsh Harish Sharma (DIN: 08798790) as an independent director of the company for a further period of 5 years and sub-division/split of the equity shares of the company.

Hazoor Multi Projects Ltd, a small-cap company with a market capitalization of Rs 780 crore, is listed exclusively on the BSE. The company's stock has demonstrated exceptional performance, with a 17.76% increase in value this year, a 220% rise over the past year, and a staggering 28,150% surge over the last five years. Currently trading at Rs 404.15, the stock has a 52-week high of Rs 454 and a low of Rs 115.

Recently, Hazoor Multi Projects announced that it has emerged as the lowest bidder (L-1) for a Rs 273.74 crore project from the Maharashtra State Infrastructure Development Corporation (MSIDC). According to a company statement, "We are pleased to inform you that the Company has emerged as Lowest Bidder for the Project of Maharashtra State Infrastructure Development Corporation (MSIDC)." The contract involves the widening and improvement of the road from Paldhi Amalner to the Gujarat State Border (SH-6 KM 121/200 To 169/500) in Nandurbar district, on an engineering procurement and construction (EPC) basis. The project is expected to be completed within 2.5 years, or 912 days.

In August, Hazoor Multi Projects approved the conversion of 2.75 lakh warrants into equity shares, expanding its equity base. The company's fund-raising committee sanctioned the issuance of 2,75,000 equity shares of Rs 10 each at an issue price of Rs 300 per share, which includes a premium of Rs 290 per share. These shares were allotted to non-promoter/public categories on a preferential basis, following the receipt of Rs 6.18 crore, representing 75% of the issue price per warrant. This transaction was finalized upon the allottees exercising their conversion rights.

In July, the company announced its decision to split its equity shares, dividing each Rs 10 face value share into 10 shares of Re 1 each. The record date for this stock split will be announced later, with details to be provided through the stock exchanges.

Founded in 1992, Hazoor Multi Projects Ltd has transitioned from residential construction to focusing on infrastructure development. The company has become a key subcontractor for national highway projects, partnering with government bodies such as the Maharashtra State Road Development Corporation and the National Highways Authority of India. Additionally, Hazoor Multi Projects has expanded into the EPC contracting sector, broadening its business scope and reinforcing its position in the infrastructure industry.