Vaibhav Gems forfeits warrant application money

Vaibhav Gems Ltd has announced with reference to the earlier announcement dated October 15, 2007, had allotted 353,320 convertible warrants @ Rs 2300/- per warrant, where 1 warrant was convertible into 10 equity shares of Rs 10 each at premium of Rs 220 per share or Rs 2200/- per warrant. The Company had received a sum of Rs 81,263,600, representing 10% of the total money payable, as an advance. The last date for conversion of warrants was April 15, 2009, that the company has received confirmation from the allottees for non-conversion of warrants into equity shares and the last date for the same has also expired. As the warrants are not converted the Company hereby forfeits the entire money received as an advance from the allottees, as per the statutory guidelines and terms of issue of convertible warrants.

The stock closed the day at Rs.20.22, up by Rs.2.67 or 15.21%. The stock hit an intraday high of Rs.21.06 and low of Rs.18.10.

The total traded quantity was 42697 compared to 2 week average of 14825.

Source : Equity Bulls

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