Alchemist Realty forfeits warrants

Alchemist Realty Ltd has announced that the Board of Directors of the Company had allotted 38,00,000 Convertible Warrants to "M/s. KDS Corporation Pvt. Ltd.", Promoter Group Company on preferential basis as per SEBI (Disclosure of Investor Protection) guidelines on July 04, 2008 against which allottee has paid Rs. 11.70 per warrant, being 10% of the Subscription amount and had an option to apply for one equity share against each warrant on or before expiry of eighteen months i.e. November 30, 2009 from the date of allotment by paying the balance amount.

The allottee has not paid the balance amount till date. Hence, in terms of Clause 13.1.2.3 (c) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, the entire amount of Rs. 4,44,60,000/- (Rs. Four Crores Forty Four Lacs and Sixty Thousand only) received at the time of allotment of aforesaid warrants stands forfeited.

The stock was trading at Rs.15, down by Rs.0.49 or 3.16%. The stock hit an intraday high of Rs.15.20 and low of Rs.15.

The total traded quantity was 1000 compared to 2 week average of 18377.

Source : Equity Bulls

Keywords