Walchandnagar Industries to issue 525000 warrants

Walchandnagar Industries Ltd has announced that the Board of Directors in their meeting held on January 30, 2008 had approved the preferential issue of 525,000 convertible Warrants to the Promoter group Company M/s. Rodin Holding Inc. as per SEBI (DIP) Guidelines. The decision of the Board of Directors was later approved by the Shareholders in the Extra Ordinary General Meeting held on March 04, 2008.

M/s. Rodin Holding Inc. was to exercise the right to subscribe to the Warrants within 15 days from the date of receipt of RBI permission. They have since informed the Company vide letter dated March 29, 2008 that even though they are bullish on the prospects and the future of the Company, due to current liquidity conditions they are not exercising the right to subscribe to the Warrants.

The Finance Committee of the Board of Directors at its meeting held on March 31, 2008 took the aforesaid letter on record.

Source : Equity Bulls

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