RIL sets September 20 as last date for paying call money on partly paid shares | Stock Market News
Source: Live Mint
Reliance Industries, on Tuesday, announced that it has set September 20 as the last date for paying call money on partly paid shares, according to a report by CNBC-TV18.
It was further reported that the failure to pay call money on partly paid shares by September 20 will result in forfeiture and the shares will be ineligible for bonus.
On September 5, the Reliance Industries board approved the bonus issue in the ratio of 1:1. This was announced during the conglomerate’s 47th annual general meeting (AGM) in August.
Additionally, the board approved an increase in authorised share capital from ₹15,000 crore to ₹50,000 crore. In a stock exchange filing on September 5, the Board of Directors approved the following decisions.
The Board gave nod for the forfeiture of partly paid-up equity shares of the company on which call money (First Call or Second and Final Call or both) remains unpaid.
It is suggested to the shareholders for their approval through a postal ballot an issue of bonus shares in the ratio of 1:1 to the eligible equity shareholders of the oil to telecom conglomerate on the record date, through capitalization of securities premium received in cash and/or general reserve and/or retained earnings and increase the authorised share capital of the company from Rs. 15,000 crore to Rs. 50,000 crore.
The current bonus issue is the first since 2017 and the sixth bonus issue for Reliance. Before issuing bonus shares in 2017, Reliance had issued 1:1 bonus shares in 2009.
The conglomerate pre-bonus paid-up capital stood at ₹6,766.23 crore, consisting of 676.62 crore equity shares of ₹10 each, including partly paid-up shares as of September 5.
It is expected that after the bonus issue, the company’s paid-up capital will double to ₹13,532.46 crore, comprising 1,353.24 crore equity shares. Reliance estimates that ₹6,766.23 crore will be needed for the bonus issue. The final amount will depend on the paid-up capital on the record date.
