Energy Development Company forfeits warrant application money

Energy Development Company Ltd has announced that 40,00,000 Warrants were allotted to Promoters and Non-Promoters' Group on September 11, 2008 @ Rs. 135/- each. The allottees have paid Rs. 13.50 per warrant, being 10% of the subscription amount and had an option to apply for one equity share against each warrant, on or before expiry of eighteen months (i.e. March 10, 2010) from the date of allotment, by paying the balance subscription amount. However, till date none of the warrant holders have exercised their options.

Hence, in terms of Clause 13.1.2.3 (C) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, the entire amount of Rs. 5,40,00,000/- received at the time of allotment of aforesaid warrants is forfeited.

The stock was trading at Rs.59.10, down by Rs.2.80 or 4.52%. The stock hit an intraday high of Rs.63 and low of Rs.58.95.

The total traded quantity was 10882 compared to 2 week average of 7470.

Source : Equity Bulls

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