Sayaji Hotels 50 lakh Share Warrants lapse

Sayaji Hotels Ltd has announced with reference to the allotment of 50,00,000 Shares Warrants made by the Company on January 23, 2008 on a preferential basis to M/s Ahilya Hotels Ltd (Promoter) and Mr. Yusuf Ibrahim Soni (Other) @ 80/- per share warrants as per SEBI (DIP) Guidelines in pursuance of the approval accorded by the Members of the Company at the AGM held on September 29, 2007 and in respect of which in principal approval was granted by the regulatory authority.

The holders of each warrant were entitled to apply for and obtain allotment of one Equity Share against each Warrant at the rate of Rs. 80/- per share. The Company had received Rs.8/- against each Warrant at the tine of allotment, i.e. on January 23, 2008 as application money.

As per the provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000, the Warrant Holders can exercise the right for conversion of Warrants into Equity Shares within 18 months from the date of the allotment i.e. within 18 months from January 23, 2008 by paying the balance amount.

Further note that above Share Warrant Holders have not exercised their right for conversion of the Warrants into shares within the time stipulated that was July 22nd, 2009 under the preferential guidelines. Accordingly, the aforesaid Warrants now stands lapsed.

The stock closed the day at Rs.43.95, up by Rs.0.65 or 1.50%. The stock hit an intraday high of Rs.43.95 and low of Rs.42.50.

The total traded quantity was 759 compared to 2 week average of 1218.

Source : Equity Bulls

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