Indiabulls Real Estate's 4.3 crore warrants lapse

Indiabulls Real Estate Ltd has announced that with reference to the allotment of 4,30,00,000 warrants made by the Company on November 05, 2007 to the Promoters and Joint Managing Directors of the Company on a preferential basis.

As per the terms of issue of these warrants, upon payment of exercise price of Rs 540 per warrant, as reduced by 10% upfront money paid at the time of allotment of warrants, the warrant holders were entitled to apply for and obtain allotment of one Equity share of the face value Rs 2 each fully paid-up of the Company, against each warrant held. The latest date for exercise of such right was May 04, 2009.

In this connection, the Company has informed that the warrant holders have not exercised their right to convert their warrants into Equity shares of the Company by the said date and hence, the warrants allotted in their favour now stand lapsed.

The stock closed the day at Rs.139.65, up by Rs.6.80 or 5.12%. The stock hit an intraday high of Rs.143.70 and low of Rs.133.20.

The total traded quantity was 7490480 compared to 2 week average of 6553767.

Source : Equity Bulls

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