Associated Alcohols warrants expire

Associated Alcohols & Breweries Ltd has now announced with reference to the issue of 35,00,000 Warrants convertible into Equity Shares have been issued by the Company on June 21, 2007 in accordance with approval of the Share Holders by way of special resolution passed on May 16, 2007 and approval of Stock Exchange dated June 07, 2007, that the aforesaid Warrants were issued at the price of Rs 24/- on the receipt of upfront amount of 10% i.e. Rs 2.40 per Warrant. The warrant holders were given the option to make the balance payment @ Rs 21.60 per Warrant within the period of 18 months from the date of allotment i.e. by December 20, 2008.

The warrant holders Drishti Multitrade Pvt. Ltd, Geetanjali Mercantile Pvt. Ltd, Mansi Multi Trade Pvt. Ltd and Ketki Mercantile Pvt. Ltd. failed to make the balance amount (inter alia to exercise their rights) within the stipulated period of 18 months i.e. by December 20, 2008.

The warrants issued to the aforesaid parties were expired after expiry of the stipulated period of 18 months on December 20, 2008. Accordingly, the upfront amount deposited by the respective warrant holders at the time of issuance of the warrants were forfeited by the Company.

The stock closed the day at Rs.19.10, down by Rs.0.35 or 1.80%. The stock hit an intraday high of Rs.20.40 and low of Rs.19.10.

The total traded quantity was 100 compared to 2 week average of 548.

Source : Equity Bulls

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