Balasore Alloys forfeits up-front money received against allotment of Warrants

Balasore Alloys Ltd has announced that, with reference to earlier annoucement regarding the allotment of 65,00,000 (Sixty-Five Lakhs) Zero Coupon Convertible Warrants (ZCCW) to Promoters on preferential basis, a sum of Rs 4.90 Crores had already received up-front by the allottee Promoter Companies before the allotment. The Committee for Preferential Issue of Warrants of the Board of Directors at its meeting held on September 15, 2009 has noted that the balance amount has not been received within 18 months from the date of allotment of warrants to the allottee Promoter Companies and accordingly in terms of the SEBI Guidelines / Regulations in this regard the said up-front money stand forfeited.

The stock was trading at Rs.25.65, down by Rs.0.05 or 0.19%. The stock hit an intraday high of Rs.25.85 and low of Rs.24.80.

The total traded quantity was 42386 compared to 2 week average of 74523.

Source : Equity Bulls

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