Indiabulls Real Estate warrants lapse

Indiabulls Real Estate Ltd has announced with reference to the earlier announcement dated August 09, 2007, regarding the allotment of 1,50,00,000 warrants made by the Company to the Promoters of the Company on a preferential basis, that as per the terms of issue of these warrants, upon payment of exercise price of Rs 300/- per warrant, as reduced by 10% upfront money paid at the time of allotment of warrants, the warrant holders were, within a period of eighteen months from the date of allotment of the said warrants, entitled to apply for and obtain allotment of one Equity share of face value Rs 2/- each fully paid-up of the Company, against each warrant held. The last date for exercise of such right was February 08, 2009.

Further the Company has informed that, the warrant holders have not exercised their right to convert their warrants into Equity shares of the Company by the said date and hence, the warrants allotted in their favour now stand lapsed.

The stock closed the day at Rs.98.80, up by Rs.3.05 or 3.19%. The stock hit an intraday high of Rs.101.20 and low of Rs.96.25.

The total traded quantity was 1641558 compared to 2 week average of 2615943.

Source : Equity Bulls

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