Alok Industries has announced that the company had issued and allotted 1,00,00,000 warrants to Jiwrajka Associates (JAPL) a part of the promoter group, at a price of Rs 102 per warrant. The warrants holders had paid a sum equivalent of 10% of the total consideration as per the terms of the issue and the balance would be payable upon exercise of the conversion option.
The Warrant holders were to be allotted one equity share of the company, of Rs 10 each, on payment of an exercise price of Rs 102 per equity share, on or before 31 July 2009.
The company has announced that they do not wish to exercise the option of conversion of aforesaid warrants into equity shares.
Pursuant to SEBI Guidelines for preferential allotment, the company have thus forfeited 10% warrant subscription money brought in by JAPL at the time of allotment of warrants.
The company made this announcement after the trading hours today, 31 July 2009.
The Warrant holders were to be allotted one equity share of the company, of Rs 10 each, on payment of an exercise price of Rs 102 per equity share, on or before 31 July 2009.
The company has announced that they do not wish to exercise the option of conversion of aforesaid warrants into equity shares.
Pursuant to SEBI Guidelines for preferential allotment, the company have thus forfeited 10% warrant subscription money brought in by JAPL at the time of allotment of warrants.
The company made this announcement after the trading hours today, 31 July 2009.
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