Reliance Power Ltd (R Power), a company from the Anil Dhirubhai Ambani Group (ADAG), asked its shareholders to make the balance payment by February 26 on shares allotted to them in its recently concluded initial public offering (IPO) to become eligible for the proposed bonus shares.
?The balance amount was due on allotment and a notice for the same has been sent to shareholders to make the balance payment on or before February 26,? R Power said in a filing to the Bombay Stock Exchange (BSE) on Wednesday.
By issuing the notice, the company has complied with Sebi guidelines, and all shares have been made fully paid up, Reliance Power added.
Reliance Power?s IPO had offered a discount to retail investors, and an option of staggered payment to all segments.
Qualified institutional buyers (QIBs) were allowed to pay only 10% at the time of application, while high net worth individuals (HNIs) and retail individual investors (RIIs) were permitted to pay 25% of the total cost as initial payment.
The remaining amount was to be paid after allotment of shares.
On February 17, the company had announced it was planning a bonus issue to all shareholders, except promoters, in a bid to compensate them for the losses they suffered on the day of R Power listing.
The Reliance Power board is scheduled to meet on February 24 to consider the bonus issue.