Infrastructure company Hazoor Multi Projects Ltd (HMPL) on Saturday said its board has approved a proposal to raise ₹486 crore through the issuance of warrants.

The plan was approved by the board of the company at a meeting on Friday, HMPL said in a regulatory filing.

The board has approved fundraising of ₹486 crore through issuing and allotting up to 1.62 crore fully convertible warrants to the persons belonging to the 'non-promoter' and 'public' category on a preferential basis at an issue price of ₹300 per warrant, the company said.

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The proposal is subject to the approval of shareholders and other regulatory authorities, HMPL added.

"Upon issue of Warrants in accordance herewith, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees," it noted.

The company said it looks to utilise the proceeds to enhance financial resources to fund its growth.

Besides, the constitution of a fundraising raising committee was among the several proposals approved by the board.

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