Powersoft Global cancels Warrants & forfeits amount

Powersoft Global Solutions Ltd has announced that the Company has allotted 26,40,000 convertible warrants on October 19, 2007 to certain Promoters & Strategic Investors, pursuant to the resolution passed by the shareholders on October 03, 2007, at a price of Rs 28/- per share. Each warrant was convertible into one Equity Share of the face value of Rs 10/-, at the option of the warrant holders, at any time prior to expiry of 18 months from the date of allotment of the warrants i.e., April 18, 2009.

As the Warrant holders not exercised for conversion, accordingly the Board of Directors of the Company at its meeting held on April 20, 2009, decided to cancel entire 26,40,000 warrants and the amount of Rs 73,92,000/- being the amount received upfront from the warrant holders @ Rs 2.80 per warrant stands forfeited, as per the terms of the issue.

The stock closed the day at Rs.11.20, up by Rs.0.47 or 4.38%. The stock hit an intraday high of Rs.11.50 and low of Rs.10.28.

The total traded quantity was 23149 compared to 2 week average of 22663.

Source : Equity Bulls

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