MIC Electronics cancels 17481725 warrants

MIC Electronics Ltd has announced that the Board of Directors of the Company at their meeting held on July 28, 2008 allotted 1,74,81,725 convertible warrants of Rs. 2/- each at a premium of Rs. 120/- per warrant pursuant to in-principle approval received from the stock exchanges.

Further the Company has informed that, none of the warrant holders have exercised the option to subscribe the equity shares underlying the warrants on or before the January 27, 2010 (i.e. 18 months from the date of allotment), hence all the 1,74,81,725 warrants stand cancelled.

The stock closed the day at Rs.46.95. The stock hit an intraday high of Rs.48.20 and low of Rs.46.65.

The total traded quantity was 215942 compared to 2 week average of 598903.

Source : Equity Bulls

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