Kaashyap Technologies forfeits Share Warrants

Kaashyap Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on April 09, 2009, inter alia, has discussed about the conversion of 5,00,00,000 Share Warrants issued on October 04, 2007 on a preferential basis at a face value of Rs 1/- each at a premium of Rs 3/- per warrant which were issued after obtaining approval from the Stock Exchanges.

The Board discussed that as per the terms and conditions for issue of warrants on a preferential basis and as per Clause 13.1.2.3 of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, the 10% amount paid on allotment of the share warrants shall be forfeited if the option to convert is not exercised within 18 months of the issue of share warrants.

Since, the warrant holders have not exercised the conversion option upto April 03, 2009, the Board decided to forfeit 5,00,00,000 share warrants issued earlier.

The stock closed the day at Rs.0.53, up by Rs.0.01 or 1.92%. The stock hit an intraday high of Rs.0.57 and low of Rs.0.51.

The total traded quantity was 4124299 compared to 2 week average of 2040786.

Source : Equity Bulls

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