Corporate
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Rights Issue
Hindalco to forfeit 4.85 lakh shares
Our Bureau
Mumbai, Sept. 4 Hindalco Industries Ltd has decided to forfeit 4,85,749 equity shares of Re 1 each offered through its rights issue in December 2005 for non-payment of call money.
The decision was taken by the board and the committee of directors in their meeting held on September 1, the company said in a BSE announcement on Tuesday.
The committee of directors has decided that annulment of forfeiture of shares shall take place within six months from the date of listing of proposed right issue equity shares on payment of call money by the shareholders, it said.
Earlier, the board of directors in a meeting held on June 20, 2008 approved the forfeiture as per the relevant provisions of the Article of Association of the company and right issue letter, where either the first or final call money was not paid, the company said.
Rights offer
Hindalco Industries had a rights offer of 23,19,36,993 equity shares of Re 1 at Rs 96 a share in December 2005. According to the terms of the offer, Rs 24 was payable on application and balance Rs 24 was payable between 9 and 12 months from the date of allotment and the balance Rs 48 was payable between 18 and 24 months from the date of allotment.
In view of the aforesaid, the first call money notice was sent on November 6, 2006 and final call money notice was sent on August 31, 2007.
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