Aeneas Evolution Portfolio forfeits upfront money paid for Igarashi Motors warrants

Igarashi Motors India Ltd has announced that M/s Aeneas Evolution Portfolio Ltd, Cayman Islands, has not exercised the option to convert 854,900 Optionally Fully Convertible Warrants (OFCW's) into equity shares before end of exercise period i.e. October 11, 2006.

Further the Company has informed that, the warrant upfront payment of Rs 18/- per warrant paid by M/s Aeneas Evolution Portfolio Ltd (AEPL) on 854,900 OFCW's amounting to Rs 15,388,200/- will be forfeited as per the terms of Share Subscription Agreement dated March 29, 2005 entered into by AEPL with the Company, Letter of Allotment dated April 12, 2005 and SEBI (IDIP) Guidelines, 2000.

Further the Company has also informed that, the Company has intimated the said information to M/s Aeneas Evolution Portfolio Ltd.

Source : Equity Bulls

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