What is the amount of discount per share which is allowed by the company at the time of reissue of forfeited shares?

Face value per share = ₹100

Premium = 10% of ₹100 = ₹10

Issue price = ₹100 + ₹10 = ₹110

Money receivable per share:

• Application = ₹40 (including ₹10 premium)
• Allotment = ₹45
• First and Final Call = ₹110 - ₹40 - ₹45 = ₹25

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The shareholder who applied for 400 shares received allotment on pro rata basis.

Pro rata ratio = 30,000 shares allotted : 40,000 shares applied (after rejection of 10,000) = 3:4

Shares allotted to this shareholder = 400 × $\frac{3}{4}$43​ = 300 shares

This shareholder paid only application money and the shares were forfeited.

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At the time of reissue:

Reissue price = ₹80 per share (as fully paid up)

Face value = ₹100 per share

Discount allowed = Face value - Reissue price

Discount = ₹100 - ₹80 = ₹20 per share

Note: The discount of ₹20 is within the permissible limit as the forfeited amount is ₹40 per share (application money paid), which is greater than the discount allowed.