Graviss Hospitality warrants lapse

Graviss Hospitality Ltd has announced that with reference to the allotment of 29,99,114 warrants made by the Company on June 21, 2007 on a preferential basis to non-prompter group as per the provisions of SEBI (DIP) Guidelines, 2000 and in pursuance of an approval accorded by the members of the Company at the EGM held on June 06, 2007 and in respect of which in-principal approval was granted by Stock Exchange.

The holder of each warrant was entitled to apply and obtain allotment of one Equity Share against each Warrant at the rate of 283.42 per share. The Company had received Rs 28.34 against each Warrant (10% as allotment money). As per the provision of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000, the warrant holder had to exercise the right for conversion of Warrants into Equity Shares within 18 months from the date of allotment i.e. within 18 months form June 21, 2007 by paying the balance amount.

Further the Company has informed that, the Company have not received any request from the warrant holders to exercise of the right for the conversion of warrants into equity shares till the time stipulated under the preferential issue guidelines. Accordingly, the aforesaid Warrants now stand lapsed.

Source : Equity Bulls

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