UTV Software Communications Warrants lapsed

UTV Software Communications Ltd has announced with reference to the allotment of 4,532,000 warrants made by the Company on May 06, 2008 on a preferential basis to Unilazer Exports and Management Consultants Ltd ("Unilazer") pursuant to the approval accorded by the members of the Company at the extra ordinary general meeting held on March 17, 2008 and in respect of which in-principle approval was granted by stock exchanges.

Unilazer was entitled to apply for and obtain allotment of one equity share against each warrant of nominal value of Rs 10/- each at a price of Rs. 860.79 (including a premium of Rs 850.79 per share). The Company has received 10% of the total amount of the warrants on allotment. Unilazer was entitled to convert of the warrants into equity shares within 18 months from the date of allotment.

Please note that Unilazer has not exercised its right for conversion of the warrants into equity shares. Accordingly, the aforesaid warrants have lapsed and 10 % of the total amount paid by Unilazer on allotment of warrants is forfeited.

The stock was trading at Rs.440.20, up by Rs.32.95 or 8.09%. The stock hit an intraday high of Rs.446.70 and low of Rs.411.40.

The total traded quantity was 33550 compared to 2 week average of 8748.

Source : Equity Bulls

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