Patel Integrated Logistics to forfeit warrants application money

Patel Integrated Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on August 22, 2009, inter alia, has decided to forfeit 10% up front amount of Rs. 59,20,000/- paid on 8,00,000 Equity Warrants issued by the Company on February 15, 2008 on Preferential basis as per SEBI (DIP) Guidelines on Preferential Issues and consequential cancellation of the said Equity Warrants, as the Equity Warrant holders had not exercised the option granted to them to convert the said Equity Warrants into Equity Shares on or before August 14, 2009 in terms of SEBI (DIP) Guidelines on Preferential Issues.

The stock closed the day at Rs.26.70, up by Rs.0.60 or 2.30%. The stock hit an intraday high of Rs.27.40 and low of Rs.26.

The total traded quantity was 5781 compared to 2 week average of 21309.

Source : Equity Bulls

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