Shiv Vani Oil forfeits warrants application money

Shiv Vani Oil & Gas Exploration Services Ltd has announced that with reference to the Board Meeting held on March 29, 2008 in which the Board of Directors allotted to promoters' group 60,00,000 Warrants of Rs. 10/- each at a premium of Rs. 650/-, convertible at the option of the allottees, within a period of 18 months. The last date for exercising the option by the promoters' group was September 28, 2009. As they have not exercised their option for converting their warrants into shares, it has been decided by the Board of Directors in their meeting held on October 06, 2009, to cancel these warrants and forfeit 10% of the price amounting to Rs. 39.60 lacs paid by them.

The stock was trading at Rs.342, up by Rs.16.20 or 4.97%. The stock hit an intraday high of Rs.345.25 and low of Rs.329.10.

The total traded quantity was 132022 compared to 2 week average of 65733.

Source : Equity Bulls

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