Energy Development Company warrants lapse

Energy Development Company Ltd has announced that 35,00,000 Warrants were allotted to Promoters and Non-Promoters' Group on January 15, 2008 @ Rs 200/- each. The allottees have paid Rs 20/- per warrant, being 10% of the subscription amount and had an option to apply for one equity share against each warrant, on or before expiry of eighteen months (i.e. July 14, 2009) from the date of allotment, by paying the balance subscription amount. However, till date none of the warrant holders have exercised their options.

Hence, in terms of Clause 13.1.2.3 (c) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, the entire amount of Rs 7 crores received at the time of allotment of aforesaid warrants is forfeited.

The stock closed the day at Rs.60.65, up by Rs.5.50 or 9.97%. The stock hit an intraday high of Rs.60.65 and low of Rs.58.

The total traded quantity was 7005 compared to 2 week average of 8167.

Source : Equity Bulls

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