Lakshmi Overseas Industries Ltd announces non exercise of option to convert the warrants into equity shares

As per the approval granted by the members of Lakshmi Overseas Industries Ltd at the 22 Annual General Meeting held on March 28, 2013, the Company on receipt of the requisite Stock Exchange Approvals had issued 34,80,000 warrants of series-2 at Rs. 22/- per warrant to Mr. Balbir Singh Uppal (a part of Promoters' Group) with an entitlement to convert into/exchange with the equal number of Equity Shares of Rs. 2/- each of the Company. Since the Warrant holder did not exercise the conversion option within 18 months from the date of their allotment, so the entitlement of conversion has lapsed and upfront amount received by the company on such warrants has been forfeited as per terms.

Shares of LAKSHMI OVERSEAS INDUSTRIES LTD. was last trading in BSE at Rs.14.9 as compared to the previous close of Rs. 14.55. The total number of shares traded during the day was 14976 in over 174 trades.

The stock hit an intraday high of Rs. 14.9 and intraday low of 14.2. The net turnover during the day was Rs. 216779.

Source : Equity Bulls

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