SREI Infrastructure's 1.78 crore warrants lapse

SREI Infrastructure Finance Ltd has announced that the Company had on October 30, 2007 allotted 2.5 crores Warrants to entities belonging to Promoter's Group of the Company. The holders of Warrants had an option to apply for and be allotted 1 (One) Equity Share per Warrant on or before expiry of 18 (eighteen) months from the date of allotment i.e. April 29, 2009 in one or more tranches. Subsequently, on March 31, 2008 an option was exercised to convert 72 lacs Warrants into Equity shares and balance 1.78 crores Warrants remained to be exercised till date by the Promoter's Group.

Therefore, the balance 1.78 crore Warrants stand lapsed and the amount of Rs 17.8 crores received by the Company as subscription money has been forfeited by the Company.

The Stock closed on April 29, 2009 day at Rs.38.95, up by Rs.1.45 or 3.87%. The stock hit an intraday high of Rs.39.45 and low of Rs.37.30.

The total traded quantity was 449337 compared to 2 week average of 1478996.

Source : Equity Bulls

Keywords