Kesoram Industries to forfeit equity shares

Kesoram Industries Ltd had unpaid allotment money amounting to Rs. 16,785 in respect of 2,238 Equity Shares due and outstanding from 175 allottees against the convertible portion of 16% Secured Partly Convertible Debentures that had been issued during the Financial Year 1992-93. The allottees were sent reminders stating that the in the event the unpaid allotment money together with applicable interest was not received by the Company within the time lines set out in the reminder, the Company would have the right to effect forfeiture of the Equity Shares without any further reference to the allottees. As these allottees had not paid the allotment money despite repeated reminders from the Company, the Board at its Meeting held on November 07, 2012 has decided to forfeit these Equity Shares. Individual intimations by Speed Post/ Registered Post are being sent to each allottee in question.

The Kesoram Industries Ltd stock was trading at Rs.143.75, down by Rs.0.30 or 0.21%. The stock hit an intraday high of Rs.146 and low of Rs.143.50.

The total traded quantity was 7178 compared to 2 week average of 23014.

Source : Equity Bulls

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