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Balasore Alloys Ltd announces forfeiture of up-front money received against warrants

Posted On: 2018-05-15 17:31:40

Balasore Alloys Ltd has announced with respect to conversion of 85,65,000 Warrants into Equity Shares upon receipt of balance money.

A sum of Rs. 4,76,75,001/- (Rupees Four crores seventy six lacs seventy five thousand and one only) was received by the Company before the allotment of the 85,65,000 Warrants as up-front subscription money. The Committee for Preferential Issue of Warrants of the Board of Directors at its meeting held today, on 15th May, 2018, has noted that, the balance amount against the aforesaid warrants have not been received by the Company till 2nd May, 2018 (being 18 months from the date of allotment of warrants to the allottee Promoter Group Companies) and accordingly, pursuant to regulation 77(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, the said up-front subscription money received from the respective allottees Global Steel Holdings Asia Pte. Ltd (10,017 warrants) - Rs. 94,140, Direct Trading & Investments Singapore Pte. Ltd (37,50,000 warrants) - Rs. 2,05,66,543 and Prasan Global Ventures Singapore Pte. Ltd. (48,04,983 warrants) (2,70,14,318) stands forfeited. The total warrants forfeited was 85,65,000 and the amount is Rs. 4,76,75,001.

Shares of BALASORE ALLOYS LTD. was last trading in BSE at Rs.48.8 as compared to the previous close of Rs. 48.45. The total number of shares traded during the day was 102537 in over 623 trades.

The stock hit an intraday high of Rs. 52.4 and intraday low of 48.05. The net turnover during the day was Rs. 5136482.

Source: Equity Bulls

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