(iv) ABC Ltd. offered 60,000 shares of ₹10 each to the public. The public applied for 1,00,000 shares. The company made pro-rata allotment in the ratio of 3:2 and the remaining applications were rejected and money refunded to the applicants. On how many shares did the company refund the application money?

(a) 40,000 shares
(b) 10,000 shares
(c) 30,000 shares
(d) 20,000 shares

Solution