Havells India cancels Unexercised Warrants

Havells India Ltd has announced that the Company had allotted 26,00,000 warrants ("Warrants") to Seacrest Investment Ltd, Mauritius ("Seacrest") at Rs 690/- per warrant on November 26, 2007 convertible into 26,00,000 fully paid-up equity shares of the face value of Rs 5/- per equity share on or before the expiry of 18 months from the date of the allotment of the Warrants. The allotment of Warrants to Seacrest and equity shares, which were to be issued pursuant to exercise of the Warrants, were approved in-principle vide Exchange letter dated November 19, 2007.

Exercise of 22,50,000 Warrants at Rs 690/- per warrant into 22,50,000 fully paid-up equity shares on February 04, 2009 was duly approved vide Exchange notice dated March 19, 2009.

Further the Company has informed that, the Company has cancelled the balance 350,000 Warrants that were not exercised by Seacrest within 18 months from the date of their allotment and forfeited the 10% advance equivalent to Rs 2,41,50,000 paid by Seacrest at the time of allotment thereof in accordance with the provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The stock closed the day at Rs.271.50, down by Rs.8.45 or 3.02%. The stock hit an intraday high of Rs.293.95 and low of Rs.263.

The total traded quantity was 68374 compared to 2 week average of 126158.

Source : Equity Bulls

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