Tata Steel has made the first and final call of Rs. 461 per share on partly paid-up equity shares. As result, w.e.f February 17, 2021 the partly paid shares are suspended from trading on the exchanges and you will not be able to see this holdings on Kite. You can check the announcement from the company here.
₹ 461 per share
Call Payment Period
March 1, 2021 to March 15, 2021
Allotment of Shares
Within 2 to 3 weeks from last date of payment
What are the modes for payment?
You can make call payment through the following modes:
Netbanking ASBA: Through the website of the SCSB’s.
Physical ASBA: By submitting a physical application to the Designated Branch of SCSB’s.
The option to make payment is only for shareholders of partly-paid shares. Once the collection of payment is done, these shares are anyways going to be converted to fully-paid shares. If you want to, you can invest in Tata Steel shares which are currently trading on the exchanges.
Is it mandatory to make the payment that TATA Steel has asked for in order to convert PP shares to Fully Paid? If i dont make the payment, is it possible that my Partially Paid shares will be converted to full paid proportionately(something like 3 pp = 1 fp share)?
Moreover, if i had bought pp shares at lets say Rs X. Now i been asked to pay INR 461 per share. So, my cost price will be (X+461) per share. Don’t see much difference between todays TATA Steel fp share price (INR 776.70) and (X+461).
Any comments , please.
Yes, it is mandatory to make payment for partly-paid shares, only after that you’ll receive fully-paid shares of Tata Steel.
If you fail to make the payment, the company may forfeit the partly-paid shares and might also levy interest on payment you owe.
That is because the partly paid shares will be converted to fully-paid. The PP shares have been suspended from trading, in place of those, once the payment collection window is closed you’ll receive fully-paid shares of Tata Steel which are currently trading on exchanges.
Hi I was not aware of the first and final call of tata steel it was showing in my account to buy as IPO so I have brought some of the shares where my money has been blocked now it showing as my txn got executed and accepted but I was not the part of partly paid shares I have bought for the very first time… What to do now please help