IEC Education forfeits 20 lakh warrants and application money

IEC Education Ltd has announced that the Company, on receipt of all the requisite approvals, on March 10, 2008, allotted 70,00,000 warrants at an Issue Price of Rs. 10/- each, to persons belonging to promoter and non promoter category. The allottees paid upfront 10% amount (i.e. Rs. 3/- each) at the time of allotment thereof. The same were convertible into equivalent number of Equity Shares, within a period of 18 months from the date of allotment thereof.

Out of the total warrants, on September 11, 2008, 30,00,000 warrants were converted into equivalent number of Equity Shares and on August 28, 2009, another 20,00,000 warrants have been converted into equivalent number of Equity Shares.

The conversion option in respect of balance 20,00,000 warrants has not been exercised by the allottees, and thus, Rs. 3/- each received in respect thereof stands forfeited.

The stock was trading at Rs.38.50, down by Rs.1.05 or 2.65%. The stock hit an intraday high of Rs.40.75 and low of Rs.38.20.

The total traded quantity was 1366 compared to 2 week average of 13732.

Source : Equity Bulls

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