Reliance Finance’s AGM delayed due to unsold promoter shares; “ AGM for FY 73/74 and 74/75 will be convened soon”, assures Deputy CEO

Reliance Finance Limited (RLFL) is yet to convene its AGM for the FY 2073/74. The finance company has already proposed 12% bonus shares for the FY 2073/74 but has not been able to convene AGM for the same.

When enquired about the matter with the Deputy CEO of the finance company, Mr Samaj Prakash Shrestha, he said, “We still have unsold promoter shares due to which we have been unable to convene AGM.” “As soon as the promoter shares are sold, we will hopefully convene AGM for the FY 2073/74 and 2074/75 as well” he added.

So, it seems that the shareholders of the finance company will still have to wait till the promoter shares are subscribed for receiving their share of return from the finance company.

The company has still 1.89 lakh unit unsold promoter shares. RLFL had issued 45% right shares for its shareholders. It has also declared 12% bonus shares for 73/74FY to its shareholders. Its paid-up capital will reach Rs 83.24 crore from existing Rs 51.25 crore after the adjustment of 45% right shares and 12% bonus shares. Hence, it will meet the capital requirement of Rs 80 crore.FY

The LTP of Reliance Finance stands at Rs 118 as of Magh 02, 2075./