Uniflex Cables forfeits Equity Warrants

Uniflex Cables Ltd has announced that in view of the warrant holders not exercising the option within the stipulated time for conversion of 38 Lacs Equity Warrants of Rs. 42.50 each into equal number of Equity shares, which were issued and allotted in accordance with the provisions of Chapter XIII of SEBI DIP Guidelines 2000 (Preferential Allotment) have been lapsed and forfeited.

The warrants that have lapsed were allotted to M/s. Apar Industries Ltd: 26 Lacs Warrants, M/s. Kalpvraksh Impex Pvt. Ltd: 6 Lacs Warrants and M/s. Mannan Business Centre Pvt. Ltd : 6 Lacs Warrants.

The Company has also forfeited the amount of Rs. 4.25 per warrants being 10% value of such warrants received at the time of allotment of such warrants.

The Board of Directors of the Company has recorded the forfeiture and cancellation of the said 38 Lacs Equity Warrants at their meeting held October 29, 2009.

The stock closed the day at Rs.16, up by Rs.0.60 or 3.90%. The stock hit an intraday high of Rs.16.90 and low of Rs.15.10.

The total traded quantity was 52491 compared to 2 week average of 14149.

Source : Equity Bulls

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