Update on receipt of amount towards First Call on the partly paid-up equity shares of the Company and issuance of forfeiture notice.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Suraj Industries Ltd has provided an update on a rights issue where partly paid-up equity shares had unpaid First Call Money. Out of 1,68,629 shares with unpaid call money of Rs. 16,86,290/-, the company received only Rs. 3,06,570/- for 30,657 shares during the reminder period. The company approved converting these 30,657 shares from Rs. 2.5/- paid-up to Rs. 5/- paid-up status. For the remaining 1,37,972 shares with unpaid call money of Rs. 13,79,720/-, the company has approved forfeiture and will issue forfeiture notices to defaulting shareholders.
Forfeiture of shares indicates weak investor response to the rights issue, which could be negative for shareholder sentiment. The conversion of some shares shows partial compliance, but significant share forfeiture may reduce the company's capital base.