Easun Reyrolle forfeits 69000 warrants

Easun Reyrolle Ltd has announced that the Allotment Committee at its Meeting held on September 17, 2008 allotted 390,281 Equity Shares of Rs 2 each to the Indian Promoters and their Associates on conversion 78,056 Warrants held by them.

Upon obtaining Shareholders' approval, on March 15, 2007 Company allotted 330,000 Warrants to Promoters and their Associates on March 29, 2008. On conversion of 182,944 Warrants, 914,719 Equity Shares of Rs 2 each were allotted to Promoters and their Associates. With further allotment made on September 17, 2008, the total number of warrants converted is 261,000 and the Equity Shares allotted to Promoters and their Associates is 1,305,000. The balance 69,000 warrants remained un-subscribed as at September 14, 2008.

As per the terms of issue of warrants, the warrant holders were required to subscribe and pay the full consideration for conversion of warrants to equity shares within 18 months from the date of allotment of warrants (namely on or before September 14, 2008).

Two warrant holders did not subscribe and remit necessary funds to convert 69,000 warrants allotted to them within the stipulated period. Therefore, the Allotment Committee in their Meeting held on September 17, 2008, cancelled these 69,000 warrants. The Allotment Committee also forfeited the advance money received from these two warrant holders on March 29, 2008 for non-subscription and payment of consideration for the conversion.

Source : Equity Bulls

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