Reliance Power has asked shareholders to make balance payment by February 26 on shares alloted to them in the IPO to be eligible for bonus shares. By issuing the notice, the company has complied with SEBI guidelines, and all shares have been made fully paid up.
Reliance Power`s IPO had offered a discount to retail investors, and an option of staggered payment to all segments. Qualified institutional buyers were allowed to pay only 10% initially, while high net worth individuals and retail investors were permitted to pay only 25% of the total cost as initial payment. The remaining amount was to be paid after allotment of shares.
On February 17, the company had announced it was planning a bonus issue to all shareholders, except promoters, in a bid to compensate them for the losses they suffered on the day of listing of the scrip. The Reliance Power Board is scheduled to meet on February 24 to consider the issue.
According to the filing, in those cases where the balance amount remains unpaid after the stipulated date, the company would keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money. The record date for the bonus shares shall be fixed in consultation with stock exchanges and in compliance with provisions of the listing agreement.
Shares of the company closed down Rs 5.1, or 1.23%, at Rs 408.2. The total volume of shares traded at the BSE was 3,483,103. (Wednesday)
1 comment:
Yes they are meeting on Feb 24 to decide. It was sad that the stock got beaten so badly on the day of listing, just because there was jealously and a hand of big brother Mukesh Ambani behind it all. There are so many small investors like me who have been badly hit. SEBI should actually investigate this and take all these people to task.
Someone has openly written about this, with details http://rilfraud.blogspot.com/ and even Economic Times has carried it http://economictimes.indiatimes.com/Market_News/Why_R-Power_lost_17_on_debut/articleshow/2799651.cms .
All the investors should unite and file a petition against these people with selfish motives.
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