Consideraciones de los aumentos de capital con prima de emisión en las sociedades anónimas
Published date | 13 April 2021 |
Author | Giacomo Bacigalupo |
Law Firm | Rubio Leguía Normand |
Cuando los accionistas de una sociedad negocian o están interesados en atraer a un nuevo accionista como mecanismo de financiamiento para las operaciones o proyectos propios del negocio, y el nuevo accionista realizará un aporte importante para la sociedad, es necesario considerar que el aumento de capital que realice el nuevo accionistas, no deberá ser realizado pagando sólo el valor nominal de las acciones (como es usual en un aumento de capital), sino que deberá pagar una prima de capital por dichas acciones que va adquirir como parte de su inversión. En caso que dicha inversión sea aportada íntegramente al capital social de la sociedad, la operación traería dos consecuencias significativas para los antiguos accionistas de la sociedad: (i) la primera, las acciones de los antiguos accionistas perderían valor patrimonial; y, (ii) consecuentemente, los antiguos accionistas podrían ver afectada su participación en la sociedad, que directamente incida en los derechos políticos y económicos que tenían los antiguos accionistas antes de la nueva inversión, y pudiendo ocasionar la pérdida de control de la sociedad, en muchos casos. Es por esto que me parece interesante desarrollar los aumentos de capital con prima de emisión en una forma práctica para este tipo de inversiones muy usuales en el mercado.
En la Sección Quinta del Título Segundo de la Ley General de Sociedades[1] (“LGS”) se han regulado los conceptos principales, requisitos y modalidades de los aumentos de capital por los cuales las sociedades anónimas aprueban aumentar o ampliar su capital social, ya sea incrementando el número de sus acciones o el valor nominal de las mismas.
Antes de desarrollar las principales consideraciones de los aumentos de capital con prima de emisión que comentaré con mayor detalle en los siguientes párrafos, es importante tener claros los conceptos generales del capital social para comprender la finalidad y el uso de las primas de emisión en los aumentos de capital social.
Sobre el particular, el capital social es una cuenta del pasivo de la sociedad ubicada a en las cuentas del patrimonio neto y suponen deudas de la sociedad en favor de sus accionistas que se materializan a través de los aportes dinerarios o no dinerarios que realizaron para: (i) constituir una sociedad anónima; (ii) suscribir acciones mediante un aumento de capital; y/o, (iii) adquirir acciones mediante cualquier tipo de transferencia de acciones regulada por la legislación peruana, y que, en contrapartida al aporte realizado, obtienen títulos representativos, denominados acciones que les brindan derechos políticos y económicos sobre dicha sociedad, en proporción al número de acciones que han suscrito y pagado. Asimismo, será la cifra límite por la cual los accionistas responderán frente a cualquier tercero.
Dicho esto, el capital social refleja los aportes realizados por los accionistas de la sociedad y que se dividen en el número de acciones que son distribuidas entre éstos. Es fundamental el concepto de capital social, ya que es el concepto que establecerá los límites de los derechos que tienen los accionistas frente a la sociedad, ya sea para adoptar acuerdos por junta general de accionistas (y los demás derechos políticos), y beneficiarse de las utilidades que obtenga la sociedad mediante la distribución de dividendos (y demás derechos económicos).
De acuerdo a lo señalado por Oswaldo Hundskopf Exebio [2], el capital social:
“Es la cifra matemática establecida en el estatuto social y mostrada en el pasivo del balance que expresa la deuda que mantiene la sociedad frente a los socios, la misma que constituye una garantía frente a los acreedores”.
Así, señala Arroyo Martínez [3], respecto...
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