Hittco Tools to diversify into hospitality, F&B, leasing, real estate, stockbroking

Hittco Tools Limited's Board of Directors has approved a significant diversification of the company's business activities. The proposed alterations to the Memorandum of Association include venturing into the hospitality and food & beverage sector, leasing and rental of vessels and automobiles (including EVs), real estate development, and stockbroking. Concurrently, the company plans to raise funds through a preferential issue of equity shares and convertible warrants. The equity share issuance aims to raise up to ₹8.61 Crore by allotting 59,40,000 shares at ₹14.50 each. The acquisition of shares by certain individuals may lead to a change in control and promoter reclassification, subject to SEBI SAST Regulations. The company also intends to incorporate a wholly-owned subsidiary in the UAE and make proposed investments in other companies.