HB ESTATE DEVELOPERS LTD. announced a private placement to issue 3,500,000 warrants at an issue price of INR 16.3125 for the gross proceeds of INR 57,093,750 on February 14, 2024. The company issued 2,000,000 warrants to promotor category and 1,500,000 warrants to non promoter category. The said warrants shall be convertible with a period of Twelve months from the date of allotment of the promotor category and the said warrants shall be convertible with a period of Eighteen months from the date of allotment of non-promotor category.

The transaction will include participation from returning investors of promotor category Lalit Bhasin for 1,000,000 warrants and HB Stockholdings Limited for 1,000,000 warrants and non-promoter category are as new investors Neha Jain for 750,000 warrants and Meridian Securities Private Limited for 750,000 warrants. The transaction has been approved by the shareholders of the company and is subject to general shareholders to be held on March 11, 2024. The notice of the said EGM shall be submitted to the Stock Exchanges in due course in compliance with the provisions of the Listing Regulations.

The company has disclosed the pre issue holding of promoter category Lalit Bhasin for 9,962,280 shares for 51.39% stake and HB Stockholdings Limited for 125,400 shares for 0.64% stake. And post issue holding Lalit Bhasin for 10,962,280 shares for 47.75% stake and 1,125,400 shares for 4.90% stake and for non-promoter category of pre-issue for Neha Jain for zero shares and 0% stake and Meridian Securities Private Limited for zero shares and 0% stake and post issue for Neha Jain for 750,000 shares and 3.27% stake and Meridian Securities Private Limited 750,000 shares and 3.27% stake. The warrants exercise price of warrant is INR 48.9375.