Strides Arcolab Updates on issue of 5,600,000 warrants

Strides Arcolab Ltd has announced that the Board of Directors has approved issue of upto 5,600,000 warrants on a preferential basis to the Promoters / Promoter Group / their Associates, subject to the approval of the shareholders.

The warrants will be convertible into equivalent number of equity shares of Rs 10/- each and will be issued at a price not lower than the price specified in Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and on such further terms and conditions specified in the said guidelines.

Strides Arcolab Ltd has announced that the Company will not be proceeding with the allotment of 18,35,826 equity shares on conversion of warrants allotted to the Promoter Group on February 02, 2005. Accordingly, the upfront money received against these warrants will be forfeited.

Source : Equity Bulls

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