Gemstone Investments cancels 1755000 warrants

Gemstone Investments Ltd has announced that the Company had allotted 36,80,000 Convertible warrants on October 18, 2008 at Rs. 52/- per warrant to 9 allotees belonging to non-promoter group.

From the above 9 allotees, 4 allotees holding 17,55,000 Convertible Warrants have intimated their unwillingness to exercise their right of conversion. This reluctance is caused due to the downfall in the Market Prices of the Companies Equity Shares, hence in the overall interest, and good corporate governance ship, the Board has decided to cancel the said Convertible Warrants.

The Board of Directors of the Company at its meeting held on August 27, 2009 has decided to cancel 17,55,000 Convertible Warrants and the 10% upfront money received from the above mentioned 4 warrant holder will be forfeited.

The stock closed the day at Rs.24.50, up by Rs.0.90 or 3.81%. The stock hit an intraday high of Rs.24.50 and low of Rs.23.15.

The total traded quantity was 292 compared to 2 week average of 14728.

Source : Equity Bulls

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