HMPL to Raise Rs 384 Crore for Growth & Expansion

New Delhi, Jan 29 (PTI) Hazoor Multi Projects Ltd (HMPL) on Wednesday said its board has approved a proposal to raise up to Rs 383.78 crore through convertible warrants to fund growth.

The company intends to fund the expansion of the new business segment, drive further growth and enhance the financial resources with the proceeds, it said in a regulatory filing.

The board, in a meeting on Tuesday, decided to raise "funds, by way of creating, issuing and allotting up to 7 crore and 33 thousand fully convertible warrants convertible into equivalent number of fully paid up equity share having face value of Re 1 in one or more tranches...payable in cash for aggregating amount of up to Rs 383.78 crore," the company said.

On Monday, the company said it has forayed into the domestic renewable energy sector with the development of 1.2 GW of clean energy projects spread across 4,200 acres of land in Maharashtra.

HMPL is into renewable energy and building road projects on an engineering, procurement and construction (EPC) basis.