MRPL forfeits 303550 shares

Mangalore Refinery and Petrochemicals Ltd (MRPL) has announced that the Company had made a public issue in May 1992 of 16% Partly Convertible Debentures (PCDs) of Rs. 135/- each aggregating to Rs. 582.66 crores and 17.5% Non-Convertible Debentures (NCDs) of Rs. 200/- each aggregating to Rs. 560 crores with equity warrants, for funding the project of the Company. As per the terms of the prospectus dated April 13, 1992, the terms of payment for the PCDs for the Indian public /employees and resident shareholders of the promoter Companies were Rs. 35/- on application; Rs. 35/- on allotment and the balance Rs. 65/- on first and final call.

Out of the face value of Rs. 135/- in respect of the PCDs, Rs. 40/- was converted into 4 equity shares of Rs. 10/- each at par. The non-convertible portion of Rs. 95/- was redeemed by the Company at par in 5 equal annual installments commencing from July 1998, 1999, 2000, 2001 and 2002.

As per the terms of Prospectus, failure to pay the amount due on allotment and or on calls shall render such Equity shares liable to forfeiture.

After following the due procedure, The Board of Directors at their meeting held on January 19, 2010 forfeited 3,03,550 Equity shares pertaining to 1638 shareholders for non-payment of allotment / call money arrears. The defaulted shareholders are also being advised individually on the forfeiture of their shares.

The stock closed the day at Rs.76.55, down by Rs.0.80 or 1.03%. The stock hit an intraday high of Rs.78.50 and low of Rs.76.20.

The total traded quantity was 211414 compared to 2 week average of 314015.

Source : Equity Bulls

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