A company is currently having an authorized share capital of Rs.5,00,000 (50,000 shares x 10). We propose to allot 26,79,545 equity shares to the overseas investor. For this we need to increase the authorized share capital to Rs. 3,00,00,000 (30,00,000 shares x Rs.10). The allotment should be dated 3/7/2017 and the increase in share capital should also happen on 3/7/2017
Can allotment and share issue happen on same date because for allotment you have to issue letter of offer which should be open for 30 days and after that resolution will be passed at Board meeting and allotment will be made thereafter.
Please let me know your inputs.