West Coast Paper Cancels Warrants

West Coast Paper Mills Ltd has announced that the entities in the Promoter Group (SK Bangur Group) have informed the Company about not exercising the option to convert balance 32,64,700 warrants into equity shares (each warrant convertible into equity share of the face value of Rs 2/- at a premium of Rs 83/- per share) and accordingly the Board of Directors in the meeting held on January 29, 2009, have decided to cancel the, warrants and forfeit Rs 2,77,49,950/- being the advance amount paid towards the subscription price for the warrants.

Source : Equity Bulls

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