Brushman India cancels 3550000 warrants

Brushman India Ltd has announced that 35,50,000 convertible warrants of Rs 125 each allotted to promoters and others on which 12.50 per warrant has been paid till the date of allotment i.e. June 22, 2007 and the balance amount of Rs 112.50 per warrant had to be paid within a period of 18 months from the date of allotment.

The Company has duly cancelled the 35,50,000 convertible warrants since none of the allottees had paid the balance amount till December 21, 2008 (within 18 months from the date of allotment) and thereby forfeited the amount of Rs 12.50 per warrant already paid by the allottees.

Source : Equity Bulls

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