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Q21.Faber Ltd. Invited applications for 70,000 equity shares of ₹ 100 each. The application money received @ ₹ 30 per share was ₹ 27,00,000. Name the kind of subscription. List the three alternatives for allotting these shares.
SOLUTION:
The actual money that was to be received is (70,000 x 30 = 21,00,000) but the money we received is 27,00,000. Hence it is a clear case of Oversubscription.
- The excess money over application ₹ 6,00,000 can be returned
- The excess money over application ₹ 6,00,000 can be adjusted on allotment.
- A part of the excess money over application can be returned and the rest can be adjusted in allotment money.
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