A Company invited applications for 1,00,000 shares and it received applications for 1,50,000 shares. Applications for 30,000 shares were rejected and the remaining were allotted shares on prorata basis. How many shares an applicant for 3,000 shares will be allotted :
Answers
An applicant for 3,000 shares will be allotted 2500 shares.
The applicant will be allotted lesser no. of shares as he had applied for 3000 shares,
⇒ 3000 x 1,00,000/ 1,20,000 = 2,500 shares
Given:
The number of applications invited= 1,00,000
The number of applications received=1,50,000
The number of rejected applications=30,000
To find:
Number of shares allotted to a person who applied for 3,000 shares
Solution:
We can find out the solution by following the process given below-
We know that the number of shares invited is 1,00,000 but the number of shares to be allotted on a pro-rata basis is 1,50,000-30,000 i.e., 1,20,000.
So, the ratio in which the shares will be allotted now= 1,00,000:1,20,000
= 5:6
The person who applied for 3,000 shares will be allotted 5/6 of 3,000.
=3,000×5/6
=2,500 shares
Therefore, the number of shares allotted to an applicant who applied for 3,000 shares is 2,500.