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FINANCIAL CHRONICLE™ » CHRONICLE™ SUPPORT » LANKEM -Rights

LANKEM -Rights

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1LANKEM -Rights Empty LANKEM -Rights Mon May 23, 2011 2:13 pm

MIB


Stock Trader
Dear All

new to the market and got into trruble when buying LANKEM rights , I applied onling for 10,000 shares at Rs 0.1 cents by thinking that is I have to pay for these shares but later my broker said I have to pay Rs 25/- each then I told him that I dont need this he told be then the order is cancelled I thought that is the end but now he is still asking to pay Rs 10,000 , I dont understand this why do I have to pay if the order is cancell due to not paying the shares at Rs 25/- appriciate your help

2LANKEM -Rights Empty Re: LANKEM -Rights Mon May 23, 2011 2:22 pm

2011_NewComer

2011_NewComer
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What do you mean you 'applied for'? I think you bought the rights from the market..if that is the case... you have bought 10,000 rights at 10 cents then you have already committed that transaction. So you have to pay that 10,000 * 0.1 = Rs 1,000.
I think that is what your broker is asking for. Is it Rs 10,000 or Rs.1000 ?

3LANKEM -Rights Empty Re: LANKEM -Rights Mon May 23, 2011 2:26 pm

Fresher


Moderator
Moderator
yes that's right. if you have told him not to convert them into ordinary shares, then he should not.
but you must still pay him Rs 1,000/-

4LANKEM -Rights Empty Re: LANKEM -Rights Mon May 23, 2011 3:21 pm

StocksWatch


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Your broker should have warned you about this loss when you confirmed your decision to turn down rights.

5LANKEM -Rights Empty Re: LANKEM -Rights Mon May 23, 2011 3:45 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Wow. Good lesson. You thought you can clinch a share @ 10 cents while it was trading in the market at 27 Rupees ?

somehow, If they bought the rights @ 1 Rupee then you have to pay 10,000 .
If it was 10 cents then you owe only 1000 Rupees.

You can be happy coz you learnt about this with this cost. There are many people who lost big amounts than you by buying rights of many companies (online trading) without knowing what they do.

Mr. X bought 17,000 rights @ 5.50 (on line) very happily as he saw the normal share was trading @ 21.00 at that time. But, he did not know he has to pay another 17/- each to make those rights to shares.

The issue was closed and he did/could not pay the balance and lost 93,500.00 ( 5.5 x 17,000). As he bought the rights @ 5.50 he had to pay 93,500.00 to the broker because the brokers have to pay it to the seller.

6LANKEM -Rights Empty Re: LANKEM -Rights Mon May 23, 2011 3:56 pm

MIB


Stock Trader
Thanks , I am clear thanks again for the quick respond , I have learned my lesson even at higher cost ,

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