Bhuwalka Steel forfeits Warrants

Bhuwalka Steel Industries Ltd has announced that as per the terms of the issue of warrants, the warrants holders were required to exercise their option to apply for equity shares of Rs. 10/- each within 18 months of issue of warrants. The warrants were issued on March 11, 2008 and accordingly, the last date for exercising the option was September 10, 2009. However, none of the warrant holders exercised their option till the last date. Accordingly, the matter was discussed at the Board Meeting held on October 31, 2009 and as per the terms of the issue, it was decided by the Board of Directors to Forfeit the warrants. The warrants thus stands Forfeited.

The Stock closed the day at Rs.53.70, down by Rs.3.10 or 5.46%. The stock hit an intraday high of Rs.57.80 and low of Rs.48.30.

The total traded quantity was 1909 compared to 2 week average of 6419.

Source : Equity Bulls

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