Syncom Formulations to convert 3112500 warrants

Syncom Formulations India Ltd has announced that the Board of Directors of the Company at its meeting held on January 23, 2010, inter alia, has considered and approved the proposal to convert 3112500 warrants into 3112500 Equity Shares of Rs. 10/- each at a warrant conversion price of Rs. 17/-.

The Board has fixed February 11, 2010 as record date for the purpose of determining for reckoning the eligibility of warrant holders for conversion of Warrants into Equity Shares. Further Warrant conversion period shall begin from February 18, 2010 and shall last upto March 19, 2010.

The Warrant Exercise Application Form shall be dispatched to those warrant holders whose names appear on the Register of Warrant holders of the Company on the Record Date.

The Board has decided to give a Public Notice to be published in the newspapers on January 25, 2010 in which Warrant Conversion Period, Record Date, Warrant Exercise Price, details of dispatch of Warrant Exercise App Form, details of Special Depository and other related details are to be published.

The Board has also Constituted Share allotment/warrant conversion committee to take all the decisions relating to conversion of warrants.

The stock closed the day at Rs.25.70, down by Rs.2.15 or 7.72%. The stock hit an intraday high of Rs.28.65 and low of Rs.25.70.

The total traded quantity was 15210 compared to 2 week average of 20058.

Source : Equity Bulls

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