Cinerad Communications cancels 75 lakh warrants

Cinerad Communications Ltd has announced that the Board of Directors of the Company at its meeting held on January 10, 2010, cancelled 7500000 convertible warrants & forfeited the amount of 10% which was paid upfront by the Promoters of the Company i.e. M/s. India Emerging Capital Pvt. Ltd. which was allotted to them on July 11, 2008 pursuant to the resolution passed at the Extra Ordinary General Meeting of the members of the Company held on June 21, 2008 as M/s. India Emerging Capital Pvt. Ltd. has expressed their unwillingness to pay balance 90% payment on these warrants towards conversion of the same within maximum stipulated time of 18 months from the date of allotment.

The stock closed the day at Rs.7, down by Rs.0.18 or 2.51%. The stock hit an intraday high of Rs.7.79 and low of Rs.7.

The total traded quantity was 1133 compared to 2 week average of 1614.

Source : Equity Bulls

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