Reliance petrolenm which is one of the leading petroleum company in India is planning to...
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Reliance petrolenm which is one of the leading petroleum company in India is planning to expand its operation in the gulf region. The company is planning to enter in collaboration with Orydental company in Oman to start Oil refinery in Oman. As per the rules for omaniration, the company has to arrange funds for RO 2.3 million to start the Operation in Oman. For meeting this requirement the company plans to go for public issue of 500,000 shares of RO 4 each at 15% premium payable as follows RO 1 on application RO I on allotment (excluding premium which is to be collected with allotment) RO 1 on First RO I on final call Subscription was received for 560,000 shares. Reliance petroleum rejected the application for 10,000 shares and the balance shares were allotted pro-rata to the shareholders. All the calls were duly made and paid up by the shareholders Pass the necessary journal entries to record the issue of the shares
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