Update: Maharashtra Corporation Limited will be making the first and final call payment for the partly-paid shares.
The company has fixed December 16, 2022, as the record date to determine the shareholders of partly-paid shares to whom the final call notice would be sent. You can check the announcement from the company here.
As a result, the partly-paid shares of Maharashtra Corporation Limited (MAHACORPPP) will be suspended from trading on exchanges from December 15, 2022, and you will not be able to see these holdings on Kite.
|Payment||₹ 0.75 per share|
|Call Payment Period||December 26, 2022 to January 09, 2023|
|Allotment & Listing||Within 2 to 3 weeks from the last date of payment|
How do I make the call payment
You can make call payment via following modes:
- Netbanking ASBA: Through the website of the SCSB’s.
- Physical ASBA: Submitting a physical application to the Designated Branch of SCSB. You can download the form here.
You can check the list of SCSB (Self Certified Syndicate Banks) here.
What will happen if I don’t make the call payment?
If you fail to pay the call money the partly-paid shares may be forfeited (the current Maharashtra Corporation Limited partly-paid shares you hold will be worthless and will not trade on exchanges as the company will allot new shares under different ISIN). The company may also levy interest on the amount you owe.
Maharashtra Corporation Ltd. (MAHACORP) will issue Right Entitlements (RE’s) to anyone who holds its shares as of July 8, 2022 (record date). These RE’s will be temporarily traded on the stock exchanges and will then be extinguished. You can either use the RE’s to apply for the rights shares of Maharashtra Corporation Ltd. or you can sell them in the market. You can check the announcement from the company here.
You will be eligible to receive Rights Entitlements (REs) if you have bought the shares on or before July 7, 2022. The ex-date is July 8, 2022.
|Ex-Date||July 8, 2022|
|Record Date||July 8, 2022|
|Issue Price||₹ 1|
|Issue Period||July 19, 2022 to August 17, 2022|
|RE Trading Period||July 19, 2022 to July 27, 2022|
|Tentative Date of Allotment||August 17, 2022|
|Tentative Date of Listing||August 22, 2022|
This is a partly-paid issue, meaning you only have to make part payment at the time of application.
|Amount payable per equity share||Face Value||Premium||Total|
|One or more additional calls as may be decided by the company||0.75||-||0.75|
If you continue holding partly-paid shares of Maharashtra Corporation Ltd. when the company makes a call for the balance payment, you will be liable to pay the balance sum. If you have sold the partly-paid shares, the buyer will be liable to pay the sum.
Once you either receive the REs from the company or purchase them from the market, you can apply for the rights shares using Netbanking ASBA or offline by submitting a Application Form to the Designated Branch of the SCSB (Self Certificate Syndicate Bank). You can check the process in this post .
You will need to enter your demat account’s Beneficiary Owner ID which is a 16-digit number while applying for the rights issue.
The option to apply for rights shares through the RTAs portal is not available for this rights issue.
If you face any difficulties applying for the rights issue, you can get in touch with the RTA at [email protected] or at +91-22-42270400
Your REs will lapse and you will lose the premium paid to acquire them. The RE will be in the form of temporary demat securities which will lapse if not renounced/exercised once the trading window is closed.
In case you have bought REs but don’t have shares, you’re still eligible for the rights issue. You may apply for the rights shares either through the RTA’s portal or via net banking ASBA if your bank allows it. If you don’t take any action, and let the REs remain in your Zerodha account, they will lapse after the issue.
You can read more FAQ’s on Rights Issue and Rights Entitlements here.