Money Matters Financial Services Ltd has informed BSE that the Company had issued 18000400 convertible detachable warrants along with Rights Shares on March 27, 2009 as per the Letter of Offer dated February 21, 2009. The warrant holders at their meeting held on December 16, 2009, extended the validity of warrant exercise period by 42 months from, September 27, 2010 up to March 26, 2014.
As per the revised schedule, the second warrant exercise period is supposed to commence from December 27, 2010 and will end on March 26, 2011. Due to the investigation being conducted by the Central Bureau of Investigation (CBI), Economic Offences Wing the company was not able to open an account with bank for conversion of warrants and fix record date before the commencement of second warrant exercise period.
The Hon'ble High Court of Bombay vide their order dated December 22, 2010 permitted the Company to open an account with State Bank of India, Main Branch Mumbai in this regard. The Company is in the process of opening the said bank account.
Considering the above the Company has fixed the Record Date as "January 14, 2011".
The eligible Warrant holders can convert their warrants in to the Shares at Rs. 485.36/- as per the calculation mentioned below and which is as per the terms and conditions mentioned in the letter of offer dated February 21, 2009.
(A) Particulars : - Average for Last 6 Months : Rs. 606.70 - Average for Last 2 Weeks : Rs. 549.53
(B) The warrant conversion price will be as under : - The higher of the above is : Rs. 606.70 - Discount @ 20% : Rs. 121.34 - The Warrant conversion price will be : Rs. 485.36
