Trent Fixes Record Date for warrants conversion

Trent Ltd has announced that December 21, 2009 is fixed as the Record Date in order to give an offer to the warrantholders, the option to exercise their right to convert the warrants into equity shares. Each warrantholder is entitled to apply for one Equity Share of Rs. 10/- each at a premium of Rs. 640/- each during the exercise period of the warrants which will be from January 07, 2010 to February 05, 2010.

In July 2005, the Company had issued Partly Convertible Debentures with Detachable Warrants on Rights basis to the then existing shareholders of the Company. As per the terms of the issue, the warrantholders had a right to subscribe to Equity Shares on payment of Rs. 650/- per share within 30 days after completion of 54 months from the date of allotment which was July 07, 2005. As the said period of 54 months is expiring on January 06, 2010, the Company is required to give an offer to the existing 5,62,121 outstanding warrants to exercise their right to convert the warrants into equity shares.

The warrants not exercised during the said exercise period, would lapse.

Eligible warrantholders will be given individual notices along with the application forms in due course.

The stock closed the day at Rs.830.05, up by Rs.4.50 or 0.55%. The stock hit an intraday high of Rs.834 and low of Rs.817.

The total traded quantity was 2092 compared to 2 week average of 6282.

Source : Equity Bulls

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