SAL Steel forfeited convertible warrants

Aug 03, 2013, 05.23 PM IST

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

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SAL Steel forfeited convertible warrants

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

Like this story, share it with millions of investors on M3

SAL Steel forfeited convertible warrants

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

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S.A.L. Steel Ltd has informed BSE that Company had issued 3,20,00,000 convertible warrants of Rs. 10/- each to be converted into Equity share of Rs. 10/- on the condition that the full amount of warrants should be received within 18 months of issue i.e. on or before August 02, 2013. 25% of face value of warrant i.e. Rs. 2.50 per warrant was received along with application money. However, remaining amount of Rs. 7.50 per warrant has not been received from any of the strategic investors, promoter group and as such the amount of application money being Rs. 2.50 per warrant aggregating to Rs. 8.00 crores is liable to be forfeited and accordingly said amount stands forfeited.Source : BSE

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