Corporate Accounting - Maharshi Dayanand University, Rohtak

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Illustration 23.
A company offers to its shareholders the right to by 3 shares at Rs. 14 for every share of Rs. 10 each held. The
market value of share is Rs. 60 each. Calculate the value of the right assuming that the odd lot shares are sold at 10%
less than their normal market value.
Solution.
Market Value of 5 shares held by the Shareholder @ Rs. 60 each 300
Add the price to be paid for acquiring 3 right shares @ Rs. 14 each 42
Total price of 8 shares 342
Less Provision for odd lot shares (loss) 34
Average price of one share = 308
8 = 38.50
Value of Right = Market price – Average price
Illustration 24.
= Rs. 60 – Rs. 38.5 = Rs. 21.50
The normal value of the equity shares of a company is Rs. 100 and the current market price is Rs. 765. The company
issues right shares @ 1 equity share for every 4 existing shares held, the right share being issued at a premium of 40%.
Solution :
From the above, calculate the value of the right
308
Market value of 4 shares held @ Rs. 765 each 3,060
Add the price of one right share 140
Total Price of 5 Shares 3,200
Rs.
Average pnce pers are = 3 , 200
5
Value of right
= Rs. 640
= Market price – Average price
= Rs. 765 – Rs. 640
= Rs. 125