Bhagwati Banquets cancels warrants

Bhagwati Banquets & Hotels Ltd has announced that pursuant to the resolution passed by the shareholders at their Extraordinary General Meeting held on December 31, 2007 in accordance with SEBI Guidelines for Preferential Issues, the Company had allotted 75,63,600 convertible warrants on February 29, 2008, on a preferential basis, to the Promoters and Non Promoters, each convertible warrant carrying an entitlement to apply for one fully paid up equity share of the Company of face value of Rs 10/- each at an exercise price Rs 82/- (including premium Rs 72/- per share). None of the warrant holders have not exercised the option to convert the warrant into equity shares and not paid the balance amount payable on conversation. Accordingly 75,63,600 convertible warrants have been lapsed and stand cancelled.

The stock closed the day at Rs.40.05, down by Rs.2.75 or 6.43%. The stock hit an intraday high of Rs.44 and low of Rs.39.70.

The total traded quantity was 8311 compared to 2 week average of 35462.

Source : Equity Bulls

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