Surya Roshni warrant holders failed to exercise option for conversion

Surya Roshni Ltd has announced that in reference to the preferential issue of 44,00,000 optionally convertible warrants of Rs 10/- each at premium of Rs 54/- per warrant on January 16, 2006 to be convertible on or before July 15, 2007 and subsequently out of the above, Warrant holders have already exercised the option of conversion of 6,00,000 warrants into equity shares on March 23, 2006 and March 24, 2006.

The Warrant holders have not exercised the option for conversion of balance 38,00,000 warrants on or before July 15, 2007 (i.e. last date for exercise of options).

Consequently, as per the terms of said preferential issue and in accordance with clause 13.1.2.3(c) of SEBI (DIP Guidelines, 2000, 10% option amount i.e. Rs 6.40 per warrant of 38,00,000 warrants has been forfeited.

The stock closed the day at Rs.61.10, down by Rs.0.30 or 0.49%. The stock hit an intraday high of Rs.63 and low of Rs.60.20. The total traded quantity was 21444 compared to 2 week average of 98896.

Source : Equity Bulls

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