Ventura Limited was incorporated with a share capital of 50,00,000 with face value of each share 10. The company purchased Land and Building for setting up the factory and office space worth 25,00,000 from Mrs. Gupta payable in fully paid-up shares. The board of directors decided to allot 45,000 shares to the promoters credited as fully paid up for their services. 5,000 shares were issued to the underwriters in lieu of their commission for underwriting the issue.

1,00,000 shares were issued to the public at a premium of 5 as follows:

1^st April 2022 On Application 7 (including premium)

15^th July 2022 On Allotment 4

30th September 2022 On First Call 1

1^st December 2022 On Second and Final Call Balance

The public applied for 1,60,000 shares. 35,000 shares were rejected and pro-rata allotment was made on the remaining shares.

Shareholder Siddhant, who had applied for 20,000 shares, failed to pay allotment and first call money. Consequently, his shares were forfeited after the first call. Shareholder Farah, to whom 20,000 shares had been allotted, paid both the calls along with the allotment. As per articles of association, she is entitled to interest on calls-in-advance @12% per annum. Out of the forfeited shares, 9,000 shares were reissued at 8 as fully paid-up to Mehak after making the second call.

Initial Public Offering

Ventura Limiteds IPO will be open from 1^st April, 2022 to 10^th April 2022.

The price of the IPO share is 15 (which includes premium).

The Ventura Limited Ltd. IPO comprises of an issue of 1,00,000 shares.

About the Company

It is a company which produces defence equipment for better enforcement of border lines and ease in keeping peace at the borders. Presently the shareholders are the promoters, HDFC bank (underwriter) and the vendors.

The proceeds of the issue will go to:

• Build a defence company that helps government to reinforce borders
• Build a factory for production of equipment
• Help speed up research for new and advanced equipment
• Expand the business as it grows

Open date- 1^st April 2022

Close date- 10^th April 2022

Allotment date- 15^th July 2022

Refund date- 15^th July 2022

Listing date- 20^th July 2022

Issue price- 10/share

Listing- NSE/BSE

Provide journal entries with clear working and also provide the balance sheet