Syncom Formulations forfeits 3.25 lakh warrants

Syncom Formulations India Ltd has announced that the warrant holder for 3,25,000 Warrants of Rs. 46/- per warrant convertible into equity shares of Rs. 10/- each at a premium of Rs. 36/- per shares which were issued on March 29, 2008 has not availed the option for conversion of the warrants into equity shares within the stipulated time as per SEBI (DIP) Guidelines and the terms of the issue within a period of 18 months from the date of allotment i.e. September 25, 2009.

Resulting in terms of the issue the upfront amount of Rs. 4.60 per warrant paid by the warrant holder has been forfeited by the Company.

The stock closed the day at Rs.23.80, up by Rs.1.90 or 8.68%. The stock hit an intraday high of Rs.24.95 and low of Rs.20.20.

The total traded quantity was 95201 compared to 2 week average of 18409.

Source : Equity Bulls

Keywords