Strides Arcolab Promoter Group fails to convert warrants

Strides Arcolab Ltd has announced that with reference to the 5,600,000 warrants issued by the Company on May 23, 2007 on preferential basis to M/s. Agnus Holdings Pvt. Ltd, a promoter group Company, entitling Agnus Holdings Pvt. Ltd to apply for an equivalent number of fully paid-up equity share of Rs 10 each of the Company at any time during 18 months from the date of issue, at a price of Rs 342.10 per equity share. Subsequently, the Company had allotted 50,000 shares to Agnus Holdings Pvt. Ltd on July 05, 2007 on their exercising the option to convert 50,000 warrants into equity shares.

Further the Company has informed that, Agnus Holding Pvt. Ltd has not exercised its right for conversion of the balance 5,550,000 warrants within the time stipulated under the preferential guidelines. Accordingly, the aforesaid 5,550,000 warrants now stands lapsed and the upfront money received against these warrants will be forfeited.

The stock was trading at Rs.97.55, down by Rs.2.75 or 2.74%. The stock hit an intraday high of Rs.107.80 and low of Rs.96.

The total traded quantity was 8202 compared to 2 week average of 18734.

Source : Equity Bulls

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