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| Exchange Disseminated Time | MIC Electronics Ltd has informed BSE that the Board of Directors of the Company at their meeting held on January 21, 2010 allotted 1,05,00,000 convertible warrants of Rs. 2/- each at a premium of Rs. 42.40/- per warrant pursuant to in-Principal approval received from stock exchanges.
Further the Company has informed that, 18,60,000 warrants were converted on April 20, 2010 subsequent to the exercise of Conversion of the underlying warrants on or before the July 20, 2011 (i.e. 18 months from the date of allotment), Since the remaining 86,40,000 warrants were not exercised within the statutory period of 18 months from the date of allotment, the outstanding warrants i.e., 86,40,000 warrants stands cancelled. The initial deposit of 25% of the offer price received at the time of issue of Warrants is forfeited. |
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