Bilpower warrants lapse, forfeits application money

Bilpower Ltd has announced that pursuant to the resolution passed by the shareholders in the Extraordinary General Meeting held on February 02, 2008, the Company allotted 20,00,000 convertible warrants on February 23, 2008 to the Promoters / Others, at a price of Rs 350/- (including a premium of Rs 340/-) per warrant. Each warrant was convertible into one Equity Share of the face value of Rs 10/- each, at the option of the warrant holders, at any time prior to the expiry of 18 months from the date of allotment of the warrants i.e. up to August 22, 2009.

Further, the aforesaid warrant holders have not exercised their option for conversion, accordingly the Issue Committee of the Company decided to cancel entire 20,00,000 warrants and the amount of Rs 7,00,00,000/- being the amount received as 10% upfront from the warrant holders @ Rs 35/- per warrant stands forfeited, as per the terms of the issue.

The stock closed the day at Rs.162.50, down by Rs.8.05 or 4.72%. The stock hit an intraday high of Rs.174 and low of Rs.162.05.

The total traded quantity was 11244 compared to 2 week average of 13026.

Source : Equity Bulls

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