Upfront money under sebi preferential guidelines
This query is : Resolved
25 March 2009
Dear Friends,
Plz tell me is there any way out to avoid forfeiture of 10% upfront money deposited earlier in compliance with sebi Preferential allotment Guidelines as we are not able to convert warrants issued on preferential basis in to equity shares with in 18 months as required by sebi guidelines.
For your ready reference find below the extract of Preferential guideline:
Provision related to Currency of financial instruments
In case of warrants/ PCDs /FCDs/ or any other financial instruments with a provision of allotment of equity shares at a future date, either through conversion or otherwise, the currency of the instruments shall not exceed beyond 18 months from the date of issue of relevant instruments.
Regards
Plz tell me is there any way out to avoid forfeiture of 10% upfront money deposited earlier in compliance with sebi Preferential allotment Guidelines as we are not able to convert warrants issued on preferential basis in to equity shares with in 18 months as required by sebi guidelines.
For your ready reference find below the extract of Preferential guideline:
Provision related to Currency of financial instruments
In case of warrants/ PCDs /FCDs/ or any other financial instruments with a provision of allotment of equity shares at a future date, either through conversion or otherwise, the currency of the instruments shall not exceed beyond 18 months from the date of issue of relevant instruments.
Regards
25 March 2009
hi ankur,
It would be good if you can take professional help on this.
The Warrant document should be properly analysed
Rgds
Neha
(neha@nehasinghi.com)
It would be good if you can take professional help on this.
The Warrant document should be properly analysed
Rgds
Neha
(neha@nehasinghi.com)
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