Reliance Industries : Reliance Industries Limited has issued a final call for payment of any installment outstanding on partially paid shares issued in 2021. The company said that if the shareholders do not pay the dues by September 20, those partially paid shares will be forfeited. Reliance Industries said in a notice that shareholders whose partially paid shares will be forfeited will not be eligible for the bonus issue and shares of Jio Financial Services, which have been announced recently.

What has been announced

In a forfeiture notice issued on September 6, Reliance said the board of directors of the company at its meeting held on September 5, 2024, has approved the forfeiture of partly paid equity shares on which call money (first call or second and final call or both) has not been paid.

The shares will not be forfeited if the outstanding amount is paid by September 20.

What is the whole matter?

In May 2020, Reliance Industries had issued shares under a rights issue in the ratio of 1:15 worth over Rs 53,125 crore. It allowed investors to pay for these shares in three installments, totaling Rs 1,257 per share.

The subscription amount of 25 percent (Rs 314.25) was to be paid at the time of the rights issue, the first call installment of the remaining 25 percent (Rs 314.25) was to be paid in May 2021 and the second and final call installment of the remaining 50 percent (Rs 628.5) was to be paid in November 2021.

Shares delisted in November 2021

Partly paid-up shares were delisted in November 2021, with shares on which investors had made full payment being converted into fully paid-up shares.

How much money are RIL shareholders going to get?

For shares on which none of the outstanding installments have been paid yet, Reliance Industries has issued notices and reminders on November 12, 2021, on August 1, 2022, and now on September 6, 2024.

On shares on which only the initial 25 percent subscription amount was paid, shareholders will have to pay the remaining two installments, i.e. Rs 314.25 and Rs 628.5. On shares on which the first installment was paid, shareholders will have to pay the final installment of Rs 628.5.

Interest will also have to be paid.

Interest at the rate of 8 percent per annum will also be paid on the outstanding amount for the first and second installments from June 1, 2021, and November 30, 2021, respectively.

Reliance Industries has said that call money can be paid either on the R-WAP portal (https://rights.kfintech.com/callmoney), or through a demand draft to KFin Technologies Limited.

For any queries, shareholders can call 1800 309 4001 or 040 67161651 or 040 67161733, or 022 79672121.