Shares of Hazoor Multi Projects Limited are in focus after the company shared key updates with investors in an exchange filing dated February 28. However, amid heavy market selling, the stock was trading at Rs 30.80 on the BSE, down 4.23 per cent, or Rs 1.36, at last count. In its latest filing, the company stated that it intends to convert the optionally convertible debentures (OCDs) of its wholly owned subsidiary, Square Port Shipyard Private Limited, into equity shares. The original plan was disclosed to stock exchanges on January 27, 2026.
The timeline for the acquisition and conversion has now been revised to March 2026. The company clarified that there are no other changes to the previously disclosed information.
CRISIL Ratings for Subsidiary
In a separate filing, the company informed that CRISIL Ratings Limited has assigned ratings to the bank loan facilities of Hazoor Infra Projects Limited, the principal subsidiary of Hazoor Multi Projects Limited.
The ratings are related to the company’s Hybrid Annuity Model (HAM) project. CRISIL assigned a BBB+/Stable rating to its long-term facilities of Rs 476 crore and an A2 rating to its short-term facilities of Rs 476 crore.
Rs 182.95 Crore Work Order from Tata Steel
The company recently secured a significant work order from Tata Steel Limited.
The project involves the design, engineering, construction and completion of an OPR and NOPR residential colony for employees at TSSIJ, Bileipada (Joda). The development will feature G+9 storey apartment blocks and include civil, architectural, electrical, plumbing, sanitary, fire-fighting, waterproofing, water tank installations, area development and automated lift works.
The project will comprise 288 NOPR flats of approximately 900 square feet each and 72 OPR flats of approximately 1,100 square feet each.
The total project cost stands at approximately Rs 182.95 crore (excluding GST) and is expected to be completed within 24 months, in accordance with the standards and scope defined by Tata Steel.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
