Small-cap stock below ₹100 hits 5% upper circuit after ₹383 crore fundraise move | Stock Market News

Hazoor Multi Projects share price was locked at 5% upper circuit on Wednesday after the company’s board approved fundraising and new business activity of renewable energy.

Hazoor Multi Projects shares jumped 5% and froze at upper circuit of ₹53.83 apiece on the BSE on January 29.

The board of directors of Hazoor Multi Projects at its meeting held on 28 January 2025 has approved fundraising of up to ₹383.78 crore through preferential issue of shares. It also approved the alteration in the object clause of the MoA to include new business activity of renewable energy.

Hazoor Multi Projects’ New Business Activity

To expand into the emerging sector of Green Energy and related businesses, alongside its existing operations, Hazoor Multi Projects’ board approved alteration in the ‘Object Clause’ of Memorandum of Association, in order to better align with these new business activities and position itself to achieve its future goals by way of inserting the following sub clause at No. (7) after the existing sub clause (1) to (6) in Clause III (A) of the Memorandum of Association of the Company, it said.

Hazoor Multi Projects Fundraising

The board of the company also approved issuing convertible warrants to fund the expansion of the new business segment, drive further growth, and enhance the company’s financial resources.

The board approved the issuance of 7,00,33,000 convertible warrants having face value of Re 1 in one or more tranches, to strategic investors classified under the non-promoter public category on preferential basis, payable in cash for an aggregate amount of ₹383.78 crore.

Upon issue of Warrants in accordance herewith, an amount equivalent to 25% (twenty-five per cent) of the total issue size shall be called upfront from the proposed allottees, the company said.

Hazoor Multi Projects Stock Price Trend

Hazoor Multi Projects shares have gained over 12% in one month and 33% in six months. The small-cap stock has risen more than 62% in one year and delivered multibagger returns of 450% in two years and a staggering 33,543% in five years.

At 12:35 PM, Hazoor Multi Projects shares were still locked at 5% upper circuit of ₹53.83 apiece on the BSE.