Binani Industries forfeits warrant application money

Binani Industries Ltd has announced that M/s. K B Vyapar Pvt Ltd, (Promoter Group Co.), who was allotted 50,00,000 Warrants on March 18, 2008 convertible into equal number of Equity Shares at a price at Rs 253.15 per share within a period of 18 months from the date of Allotment, has informed the Company that they are no longer interested in conversion of the Warrants into Equity Shares. Consequently 10% of the upfront deposit @ Rs 25.315 per Warrant on 50,00,000 Warrants amounting to Rs 1265.75 Lacs. stand forfeited and transferred to the reserves of the Company.

Source : Equity Bulls

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