Fusion Finance forfeits unpaid rights shares after final reminder

Fusion Finance said that it has not received payments from its right issue holders for the 1.63 lakh partly paid up equity shares involving Rs 1.07 crore even after the final reminder call.

The non-payment has resulted in forfeiture of the partly paid-up equity shares, including the amount already paid, the company said in a regularity filing.

The microfinance company meanwhile received payments of Rs 1.50 crore in respect of 2.29 lakh partly paid equity shares.

Accordingly, Fusion’s rights Issue committee at its meeting held Tuesday approved conversion of 2.29 lakh partly paid-up equity shares into fully paid-up equity shares upon receipt of the call money.

The company raised nearly Rs 800 crore in rights issue in partly paid shares. The payment for 3.92 lakh shares at Rs 65.50 per right equity share remained unpaid in the second leg of the exercise before the final call.