Arvind cancels 4.1 crore Warrants

Arvind Ltd has announced that Company had allotted 5,06,00,000 warrants to Promoter group of the Company, on November 17, 2007 convertible into equity shares at a price of Rs 52/- per share within a period of 18 months from the date of allotment of warrants.

Out of the above warrants, 96,00,000 warrants were converted into equity shares on March 28, 2008.

The remaining 4,10,00,000 warrants have not been converted into equity shares within the above period of 18 months. Accordingly, the said 4,10,00,000 warrants stands cancelled and the balance amount of Rs 21,32,00,000 (Rupees twenty one crore thirty two lacs only) being the amount received upfront at Rs 5.2 per warrant stands forfeited as per the terms of the issue.

The stock closed the day at Rs.21, up by Rs.2.60 or 14.13%. The stock hit an intraday high of Rs.22 and low of Rs.20.15.

The total traded quantity was 37950 compared to 2 week average of 736511.

Source : Equity Bulls

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