IG Petrochemicals forfeits Warrants application money

IG Petrochemicals Ltd has announced that NEDERLANDSE FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.Y. (FMO) to whom the Company had allotted 15,00,000 convertible warrants on March 05, 2008 at Rs. 77.50 per warrant and which were convertible into 15,00,000 equity shares after the expiry of 18 months from the date of allotment of warrants i.e. on September 05, 2009, have informed the Company that they do not wish to proceed with the conversion of the said warrants due to the global economic slowdown and the prevailing market conditions in India.

In view of the above the Company has forfeited 15,00,000 convertible warrants issued to FMO alongwith the amount of Rs. 1,16,25,000/- being 10% subscription amount received by the Company, consequent upon expiry of 18 months from the date of issue of these warrants.

The stock was trading at Rs.39.05, down by Rs.0.15 or 0.38%. The stock hit an intraday high of Rs.41 and low of Rs.39.

The total traded quantity was 7272 compared to 2 week average of 22092.

Source : Equity Bulls

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