Orbit Exports forfeits warrant application money

Orbit Exports Ltd has announced that the Company had made a Preferential Issue of 3,50,000 Equity Shares and 40,00,000 Warrants issued on April 22, 2008 at a issue Price of Rs. 32.15 per Warrant. Each Warrant at the option of the Warrant holder was convertible into One Equity Shares of Rs. 10/- each at a price of Rs. 32.15 per Share (including Premium @ Rs. 22.15 per Share) on or before 18 months from the date of allotment. i.e. on or before October 21, 2009.

The Warrants were due for conversion on or before 18 months from the allotment of warrants i.e. on or before October 21, 2009.

None of the warrants holders have exercise their option to convert the warrants into Shares.

Accordingly a sum of Rs. 1,28,60,000/- received from the warrants holders towards non refundable application money @ 10% of the consideration amount of Rs. 12,86,00,000/- stands forfeited.

The stock closed the day at Rs.15.16, down by Rs.0.79 or 4.95%. The stock hit an intraday high of Rs.15.40 and low of Rs.15.16.

The total traded quantity was 1342 compared to 2 week average of 1433.

Source : Equity Bulls

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