Panama Petrochem forfeits warrants application money

Panama Petrochem Ltd has announced that the Company had issued Convertible Warrants on preferential basis dated December 31, 2007.

The warrant holders were entitled to convert the warrant into equal number of equity shares within a period of 18 months from the date of issue of such warrant at a price of Rs 150 per share.

In terms of SEBI guidelines, the warrant holders had made 10% upfront payment at the time of issue of such warrants. The warrant holders have failed to convert their warrant into equity shares within the requisite period of 18 months, which expired on dated June 30, 2009.

In terms of SEBI guidelines, the 10% upfront payment made by the warrant holders stand forfeited.

The stock closed the day at Rs.101.85, down by Rs.1.85 or 1.78%. The stock hit an intraday high of Rs.107 and low of Rs.100.45.

The total traded quantity was 32811 compared to 2 week average of 23596.

Source : Equity Bulls

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