Hindustan Construction forfeits warrants money

Hindustan Construction Company Ltd has announced that the Company had allotted 75,00,000 Warrants to the Promoter(s) / Promoter Group Shareholders of the Company on preferential basis on December 20, 2007, entitling the warrant holders to apply for a equivalent number of fully paid Equity Shares of Re 1/- each of the Company at a price of Rs 202.50 per Equity Share at any time during 18 months from the date of allotment i.e. on or before June 19, 2009.

Further the Company has informed that, the said Promoter(s) / Promoter Group Shareholders of the Company holding 75,00,000 Warrants have informed the Company that they will not exercise the right of conversion in respect of the said Warrants.

Accordingly, the Company has pursuant to the SEBI Guidelines forfeited the 10% Warrants subscription amount brought in by them at the time of allotment of Warrants.

The stock closed the day at Rs.117, up by Rs.8.75 or 8.08%. The stock hit an intraday high of Rs.118 and low of Rs.102.10.

The total traded quantity was 1463025 compared to 2 week average of 1905864.

Source : Equity Bulls

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