Electrosteel Castings cancels 12137146 warrants

Electrosteel Castings Ltd has announced that subsequent to the approval of the shareholders in its meeting dated January 25, 2008, the Board of Directors on March 24, 2008 allotted 12137146 convertible warrants issued for cash of Rs. 81/- per share to a Foreign Company. As per provisions of SEBI (DIP) Guidelines, the Company had also received Rs. 983.11 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 24, 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 12137146 convertible warrants stands cancelled.

The stock closed the day at Rs.44.10, up by Rs.0.15 or 0.34%. The stock hit an intraday high of Rs.44.90 and low of Rs.43.30.

The total traded quantity was 1218451 compared to 2 week average of 984788.

Source : Equity Bulls

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