Talbros Automotive allots 410000 shares

Talbros Automotive Components Ltd has announced that the Share Issue Committee of the Company at its Meeting held on September 27, 2008 has allotted 4,10,000 Equity Shares of face value of Rs 10 per share pursuant to conversion of 4,10,000 Zero Coupon fully Convertible Warrants issued @ Rs 65 per Warrant (being 1 Warrant Convertible into 1 Equity Share) aggregating to Rs 265.50 lacs with lock in period of 3 years i.e. upto March 28, 2010. to Talbros Motors (P) Ltd.

The Share Issue Committee, inter alia, also resolved to forfeit the balance 2,34,000 Convertible warrants. Accordingly the Company has forfeited the 10% upfront amount received on 234,000 Zero Coupon fully Convertible Warrants @ Rs 6.50 per warrant (being 10% of price of warrant) aggregating to Rs 15.21 lacs as the option to acquire shares by the other promoters companies has not been exercised within the prescribed period of time. The last date for exercise of the said option was September 28, 2008,and the detail of allottees whose warrants have been forfeited is as follows:

1. Name of the Allottee: Q H Talbros Ltd
No. of Warrants forfeited: 124000
Amount (Rs): 8,06,000

2. Name of the Allottee: Talbros International Ltd
No. of Warrants forfeited: 110000
Amount (Rs): 7,15,000

Source : Equity Bulls

Keywords