Geojit financial services has received Sebi approval to extend the validity period of warrants for a period of six months to March 12, 2009. In an announcement made to BSE, the company said that it had allotted 2,28,26,300 warrants to BNP Paribas S.A. on March 13, 2007 which were due to expire on September 12, 2008 .
However, due to pendency of certain regulatory approvals, the warrants could not be converted. Geojit had asked the regulator to extend validity period of these warrants. After conversion of these warrants, BNP's stake will go up to 34.35 per cent.
The French Banking major, BNP Paribas had acquired 27.18 per cent stake in Geojit last year at Rs 26 per share. Subsequently, it had to exit commodities business as current regulations do not permit banks to offer commodities broking.