Steel Strips Wheels Limited has informed that the Company had allotted 347663 convertible warrants to Sh. Dheeraj Garg (one of the promoter of the Company) on preferential basis, under the SEBI (Disclosure and Investor Protection) Guidelines, 2000 on January 24, 2008.
Each of these warrants was convertible into one equity share of Rs 10/- each at a price of Rs 170/- up to July 23, 2009 at the option of the allottee.
Now the allottee has informed that he will not exercise his option to convert the said warrants into equity share.
Therefore, the Company have forfeited amount of advance @ 10% of per warrant (which were paid by the allottee at the time of allotment of aforestated warrants) in accordance with SEBI guidelines.
Each of these warrants was convertible into one equity share of Rs 10/- each at a price of Rs 170/- up to July 23, 2009 at the option of the allottee.
Now the allottee has informed that he will not exercise his option to convert the said warrants into equity share.
Therefore, the Company have forfeited amount of advance @ 10% of per warrant (which were paid by the allottee at the time of allotment of aforestated warrants) in accordance with SEBI guidelines.
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