Alfa Ltd. invited applications for 50,000 equity shares of \rupee10 each at a premium of 30\%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was:
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In pro-rata allotments, the excess money received for shares not allotted is refunded to the applicants at the full application price.