Rose Merc Ltd Forfeits ₹3.3 Crores from Unconverted Warrants

Rose Merc Ltd has forfeited ₹3.3 crores from unconverted warrants that were not exercised within 18 months from the date of allotment. The company had allotted 8,64,268 convertible warrants to non-promoters for which they received ₹3.3 crores as the initial subscription amount. As per the regulations, the amount of 25% of the total consideration stands forfeited if the warrants are not converted within the stipulated time. The Board of Directors has approved the forfeiture of such warrants.