A public unlisted company goes for rights issue. The letter of offer states the issue is open for 30 days. Now when the entire share capital is subscribed before closure of issue, can we close the issue before the date. within how many days allotment has to be made
28 May 2011
No.... in my opinion u cant close the offer before the closure date. In case of Listed Company, as per clause 45 of the Listing Agreement,allotment must be made within 30 days from the closure of the issue. There is no suchtime period prescribed for allotment of shares in case of unlisted companies.
CAclubindia
