Electrosteel Castings cancels 87 lakh warrants

Electrosteel Castings Ltd has announced that the Board of Directors on March 11, 2008 allotted 87,00,000 convertible warrants issued for cash of Rs. 68/-per share to a Foreign Company. As per provisions of SEBI (DIP) Guidelines, the Company had also received Rs. 591.60 Lakhs representing 10% of the total consideration towards allotment of said warrants.

In terms of SEBI (DIP) Guidelines, the said warrants were convertible within 18 months from the date of allotment and the last date of conversion was September 11, 2009. As the applicant did not opted for conversion of said warrants within the permissible time of 18 months, the entire amount received thereon from the applicant stands forfeited and accordingly, all 87,00,000 convertible warrants stands cancelled.

The stock closed the day at Rs.42.90, up by Rs.0.65 or 1.54%. The stock hit an intraday high of Rs.43.75 and low of Rs.42.50.

The total traded quantity was 931014 compared to 2 week average of 1216307.

Source : Equity Bulls

Keywords