Himatsingka Seide's 4776000 warrants lapse

Himatsingka Seide Ltd has announced that pursuant to the approval accorded by the Members of the Company at the AGM held on September 26, 2007, the Company had on October 09, 2007 allotted 58,00,000 warrants on a preferential basis to the Promoters/ Promoter group. Out of the above, 10,24,000 warrants were converted into equivalent number of equity shares.

The Promoters / Promoter group, have not exercised by April 08, 2009 as required in accordance with the terms of the issue, the option to convert the remaining 47,76,000 warrants issued on a preferential basis, into equivalent number of equity shares. The validity of the said warrants, therefore, has lapsed.

The stock closed on Thursday at Rs.26.95, up by Rs.0.80 or 3.06%. The stock hit an intraday high of Rs.27.50 and low of Rs.26.

The total traded quantity was 26686 compared to 2 week average of 15784.

Source : Equity Bulls

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