Powersoft Global Solutions cancels warrants & forfeits amount

Powersoft Global Solutions Ltd has announced that the Company has allotted 3,60,000 convertible warrants on November 02, 2007 to certain 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. May 01, 2009.

As the Warrant holders not exercised for conversion, accordingly the Board of Directors of the Company at its meeting held on May 02, 2009 has decided to cancel entire 3,60,000 warrants and the amount of Rs 10,08,000/- 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 was trading at Rs.11.05, up by Rs.0.81 or 7.91%. The stock hit an intraday high of Rs.11.20 and low of Rs.10.

The total traded quantity was 6600 compared to 2 week average of 19003.

Source : Equity Bulls

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