Reliance Power Limited has vide its letter dated February 19, 2008, provided clarifications regarding issue of Bonus Shares as follows: "
(1) As per the Terms of Issue, where Shareholders chose Payment Method 1,
the balance amount was due on allotment and a notice for the same has been sent to the Shareholders to make the balance payment on or before February 26, 2008,
i.e. before the proposed bonus issue.
Thus, by issuing notice to Members requiring them to make the balance payment on the partly paid shares (whereupon the call becomes due) all Equity Shares have been made fully paid-up by the Company.
Accordingly, the Company is in compliance with chapter 15.1.5 of the SEBI (DIP) Guidelines, 2000.
In relation to shares, where the said call money remain in arrear after the stipulated date, the Company, will keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money.
This means all shares are will be fully paid up by Feb 26. If not the bonus for those partly paid shares are kept in abeyance. Here everyone got refund, so no money to be paid. So no money in arrears for the company.
(2) The proposed Bonus Issue will be made by the Company in accordance with the applicable provisions of the Articles of Association and the Listing Agreement and subject to the approval of Shareholders.
The Promoters of the Company have indicated to waive their entitlement for the said bonus shares in accordance with law and in the broader interest of protecting and enhancing value for over 4 million institutional and retail investors of the Company.
Accordingly no bonus shares will be issued and allotted to the Promoters. Bonus Shares will be issued as above to all Members (excluding Promoters) who are identified as Shareholders of the Company on the Record Date, which shall be fixed by the Company in consultation with the Stock Exchanges and in compliance with provisions of the Listing Agreement ".
This means that
Bonus issue will be given only to those who hold shares on Record Date. We will know about record date on February 26, Tuesday.
(1) As per the Terms of Issue, where Shareholders chose Payment Method 1,
the balance amount was due on allotment and a notice for the same has been sent to the Shareholders to make the balance payment on or before February 26, 2008,
i.e. before the proposed bonus issue.
Thus, by issuing notice to Members requiring them to make the balance payment on the partly paid shares (whereupon the call becomes due) all Equity Shares have been made fully paid-up by the Company.
Accordingly, the Company is in compliance with chapter 15.1.5 of the SEBI (DIP) Guidelines, 2000.
In relation to shares, where the said call money remain in arrear after the stipulated date, the Company, will keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money.
This means all shares are will be fully paid up by Feb 26. If not the bonus for those partly paid shares are kept in abeyance. Here everyone got refund, so no money to be paid. So no money in arrears for the company.
(2) The proposed Bonus Issue will be made by the Company in accordance with the applicable provisions of the Articles of Association and the Listing Agreement and subject to the approval of Shareholders.
The Promoters of the Company have indicated to waive their entitlement for the said bonus shares in accordance with law and in the broader interest of protecting and enhancing value for over 4 million institutional and retail investors of the Company.
Accordingly no bonus shares will be issued and allotted to the Promoters. Bonus Shares will be issued as above to all Members (excluding Promoters) who are identified as Shareholders of the Company on the Record Date, which shall be fixed by the Company in consultation with the Stock Exchanges and in compliance with provisions of the Listing Agreement ".
This means that
Bonus issue will be given only to those who hold shares on Record Date. We will know about record date on February 26, Tuesday.
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