JBF Industries allots 52 lakh warrants

JBF Industries Ltd has announced that the Company had allotted 52,00,000 warrants to its Promoter Group Company Vaidic Resources (P) Ltd on July 31, 2007, at a price of Rs 122.50 per warrant.

Further the Company has inform that applicant had exercised its option for conversion of 25,00,000 warrants into equal number of shares on March 26, 2008. The applicant has not exercised the option to acquire the equity shares within period of 18 months from the date of allotment i.e. on or before January 30, 2009, for the remaining balance 27,00,000 warrants. Therefore, 27,00,000 warrants stand lapsed.

Also the Company has informed that, 30% of the amount to be paid was received in advance and the remaining 70% was receivable at the time of exercise of the option. As 27,00,000 warrants stand lapsed, the amount of Rs 9,92,25,000/- received by the Company as advance has been forfeited.

Source : Equity Bulls

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