Gandhinagar Hotels Limited has informed that the Company had allotted 16,00,000 convertible warrants to the promoter Group of the Company and Others on November 26, 2007 convertible into equity shares at a price of Rs 28/- per warrant within a period of 18 months from the date of allotment of warrants.
Further the Company has informed that, the Company has allotted 5,25,000 Equity Shares on January 21, 2008, 5,50,000 Equity Shares on October 25, 2008 and 3,00,000 on January 31, 2009 at a price of Rs 28/- each (including premium of Rs 18/- per) upon conversion of 1375000 convertible warrants.
The warrants issued to Promoters Group of the Company are fully converted into equity shares within the permissible time period.
However 2,25,000 Convertible Warrants issued to non-promoter entities have not been converted into equity shares within the above period of 18 months.
Accordingly, the said 2,25,000 Convertible Warrants stands cancelled and the balance amount of Rs 6,75,000/- (Rupees Six Lacs Seventy Five Thousand Only) being the amount received upfront at Rs 3/- per warrant stands forfeited as per the terms of the issue.
Further the Company has informed that, the Company has allotted 5,25,000 Equity Shares on January 21, 2008, 5,50,000 Equity Shares on October 25, 2008 and 3,00,000 on January 31, 2009 at a price of Rs 28/- each (including premium of Rs 18/- per) upon conversion of 1375000 convertible warrants.
The warrants issued to Promoters Group of the Company are fully converted into equity shares within the permissible time period.
However 2,25,000 Convertible Warrants issued to non-promoter entities have not been converted into equity shares within the above period of 18 months.
Accordingly, the said 2,25,000 Convertible Warrants stands cancelled and the balance amount of Rs 6,75,000/- (Rupees Six Lacs Seventy Five Thousand Only) being the amount received upfront at Rs 3/- per warrant stands forfeited as per the terms of the issue.
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