Poly Medicure forfeits 318750 warrants

Poly Medicure Ltd has announced about the conversion of Preferential warrants issued to Promoters.

The Company had allotted 4,25,000 warrants to the promoters of the Company on preferential basis on March 17, 2007 in accordance with Chapter XIII of SEBI (DIP) Guidelines, 2000. Out of these, 1,06,250 warrants were converted into equal number of equity shares at a price of Rs 106/- per share on October 29, 2007. The allottees did not exercise the conversion option on the balance 3,18,750 warrants. The period of 18 months from the date of issue of warrants during which such option should have been exercised has lapsed and hence the application & allotment money of Rs 10.60/- per warrants amounting to Rs 33,78,750/- received by the Company stands forfeited.

Source : Equity Bulls

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