Emmsons International forfeits Equity Warrant issued on April 24, 2008

Emmsons International Ltd has announced that the Company had issued 7,80,000 Equity Warrants on April 24, 2008. The Warrants issued were fully convertible into Equity Shares upon exercise of conversion option. The maximum time period for conversion into shares was IS Months from the date of allotment.

The time period for exercising of option has lapsed on October 23, 2009 (18 months from the date of allotment i.e., April 24, 2008).

The Warrant holders have not exercised their right for conversion of the Warrants into shares within the time stipulated, as mentioned above, under the preferential guidelines of SEBI.

Accordingly, as per SEBI (ICDR) Regulation, 2009, the aforesaid Warrants now stand lapsed and the consideration paid in respect of such Warrants at the time of allotment shall stand be forfeited.

The stock closed the day at Rs.78.50, up by Rs.1.40 or 1.82%. The stock hit an intraday high of Rs.79.90 and low of Rs.77.20.

The total traded quantity was 3224 compared to 2 week average of 2568.

Source : Equity Bulls

Keywords