Cambridge Technology cancels Convertible Equity Warrants

Cambridge Technology Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2009, inter alia, had cancelled 19,50,000 Convertible Equity Warrants allotted to M/s Rosebury Investments Pte Ltd and 23,00,000 Convertible Equity warrants allotted to Prime Genius Investments Pte Ltd on December 17, 2007 on preferential basis.

The Board has forfeited the 10% up-front amount of Rs 2,33,75,000/- received by the Company as the balance 90% amount was not received by the Company within the stipulated period as per the terms and conditions of issue and further the said allottees have not exercised their right to convert the warrants into equal number of equity shares in view of the unfavorable market conditions.

The stock was trading at Rs.21.85, down by Rs.0.90 or 3.96%. The stock hit an intraday high of Rs.22.70 and low of Rs.21.80.

The total traded quantity was 402 compared to 2 week average of 7953.

Source : Equity Bulls

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