Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
A. N20,000
B. N18,000
C. N15,000
D. N12,000
Correct Answer:
Option A – N20,000
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