Hubtown Limited 's subsidiary, Rare Townships Private Limited (RTPL), has reached a significant milestone in its Rising City project located in Ghatkopar, Mumbai. The company has successfully obtained Occupation Certificates (OC) for two wings of the project and reported impressive sales figures.

Project Details

The Rising City project, developed by RTPL, has made substantial progress:

Regulatory Compliance

Hubtown Limited, in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, disclosed this development to the stock exchanges. The company's commitment to transparency is evident in its prompt communication of project updates to stakeholders.

Market Implications

The successful completion and high sales figures of the Rising City project could potentially have positive implications for Hubtown Limited:

1. Revenue Recognition: With the Occupation Certificates secured, the company may be able to recognize revenue from the sold units.
2. Cash Flow Improvement: The high percentage of sales could contribute to improved cash flows for the company.
3. Market Confidence: Timely completion of projects and strong sales figures may boost investor confidence in the company's execution capabilities.

This development in the Rising City project demonstrates Hubtown's progress in the real estate sector and its ability to deliver projects in the competitive Mumbai market.

Note: This article is based on the latest available information and does not constitute investment advice. Readers are advised to conduct their own research and consult financial experts before making any investment decisions.

Hubtown Limited , a prominent real estate company, has seen a significant increase in promoter shareholding following a recent warrant conversion. Two key promoters, Falguni V. Shah and Kunjal H. Shah, converted a portion of their warrants into equity shares, strengthening their stake in the company.

Promoter Acquisitions

Falguni V. Shah's Acquisition

Falguni V. Shah, a member of the promoter group, acquired 1,581,747 shares through warrant conversion, representing 1.15% of the total share capital. This move increased Shah's personal holdings from 1.59% to 2.71% of the company's total share capital.

Kunjal H. Shah's Stake Increase

Similarly, Kunjal H. Shah, another promoter, converted warrants to acquire 954,570 shares, equivalent to 0.69% of the total share capital. As a result, Kunjal H. Shah's shareholding in Hubtown Limited rose from 2.36% to 3.03%.

Impact on Promoter Group Holding

The combined effect of these transactions has led to a notable increase in the promoter group's overall stake in Hubtown Limited. The promoter group's total holding now stands at 33.34% of the company's share capital, up from their previous position.

Warrant Conversion Details

These acquisitions are part of a larger warrant conversion program initiated by Hubtown Limited. The company had originally issued 12.5 million warrants to members of the promoter group. With this recent conversion, a total of 8,786,317 warrants have been converted into equity shares, leaving 3,713,683 warrants still available for future conversion.

Updated Share Capital Structure

Following these transactions, Hubtown Limited's equity share capital structure has been updated:

Diluted Share Capital

The total diluted share capital of Hubtown Limited after this acquisition stands at 142,100,657 shares, accounting for the potential conversion of remaining warrants and other convertible securities.

This strategic move by the promoters to increase their stake through warrant conversion demonstrates their confidence in Hubtown Limited's future prospects and their commitment to the company's growth trajectory in the real estate sector.