TMI BlogBOOK BUILDING PROCESSX X X X Extracts X X X X X X X X Extracts X X X X ..... ated in the inter-se allocation of responsibility as specified in Schedule I (3) Syndicate Members. The book runner(s) may appoint syndicate members. (4) Underwriting. (a) The lead book runner and co-book runners shall compulsorily underwrite the issue and the syndicate members shall sub-underwrite with the lead book runner /co-book runners. (b) The lead book runners/ syndicate members shall enter in to underwriting/ sub underwriting agreement on the date of allocation and furnish details forthwith to the Board. (c) The details of final underwriting arrangement indicating actual numbers of shares underwritten shall be disclosed and printed in the Prospectus before it is registered with the Registrar of Companies. (d) In case of an under subscription in an issue, the shortfall shall have to be made good by the book runner(s) to the issue and the same shall be incorporated in the inter-se allocation of responsibility as specified in Schedule II. (5) Agreement with the stock exchange. (a) The issuer shall enter into an agreement with one or more of the stock exchange(s) which have the system of on-line offer of securities. (b) The agreement shall sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... band or floor price in the red-herring prospectus, the following shall also be disclosed in the red-herring prospectus: (i) a statement that the floor price or price band, as the case may be, shall be disclosed at least two working days (in case of an initial public offer) and at least one working day (in case of a further public offer) before the opening of the bid; (ii) a statement that the investors may be guided in the meantime by the secondary market prices (in case of a further public offer);names and editions of the newspapers where the announcement of the floor price or price band would be made; (iii) names of websites (with address), journals or other media in which the said announcement will be made. (b) Where the issuer decides to opts for price band instead of floor price, the issuer shall also ensure compliance with the following conditions: (i) The cap of the price band should not be more than 20% of the floor of the band; i.e cap of the price band shall be less than or equal to 120% of the floor of the price band; (ii) The price band can be revised during the bidding period in which case the maximum revision on either side shall not exceed 20% i.e f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors shall pay on application the same margin which is payable by other categories of investors the balance, if any, shall be paid within two days of the date of closure of the issue.] (g) Allocation to Anchor Investors shall be completed on the day of bidding by Anchor Investors (h) If the price fixed as a result of book building is higher than the price at which the allocation is made to Anchor Investor, the Anchor Investor shall bring in the additional amount. However, if the price fixed as a result of book building is lower than the price at which the allocation is made to Anchor Investor, the excess amount shall not be refunded to the Anchor Investor and the Anchor Investor shall take allotment at the price at which allocation was made to it. (i) The number of shares allocated to Anchor Investors and the price at which the allocation is made, shall be made available in public domain by the merchant banker before opening of the issue (j) There shall be a lock-in of 30 days on the shares allotted to the Anchor Investor from the date of allotment in the public issue. (k) Neither the merchant bankers nor any person related to the promoter/promoter group/merchant bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Share Transfer Agents or Depository Participants,] as the case may be, to place an order for bidding for the specified securities. (e) Every stock broker shall accept orders from all clients/investors who place orders through him and every Self Certified Syndicate Bank 13 [, Registrar to Issue and Share Transfer Agents or Depository Participants] shall accept Applications Supported by Blocked Amount from ASBA investors. (f) Applicants who are qualified institutional buyers shall place their bids only through the stock brokers who shall have the right to vet the bids; (g) The bidding terminals shall contain an online graphical display of demand and bid prices updated at periodic intervals, not exceeding thirty minutes. (h) At the end of each day of the bidding period, the demand including allocation made to anchor investors, shall be shown graphically on the bidding terminals of syndicate members and websites of recognised stock exchanges offering electronically linked transparent bidding facility, for information of public. 14 [(i) The retail individual investors may either withdraw or revise their bids until 15 [closure of the issue].] 16 [(ia) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent to 18 [* * *] non-institutional investors and qualified institutional buyers other than anchor investors shall be made proportionately as illustrated in this Schedule. 19 [The allotment to retail individual investors shall be made as referred to in sub-regulation (1A) of regulation 50 of these regulations.] (b) In case of under subscription in any category, the undersubscribed portion in that category shall be allocated to the bidders as per disclosures made in the red herring prospectus; Provided that the unsubscribed portion in qualified institutional buyer category shall not be available for subscription to other categories 20 [* * *]. (c) On receipt of the sum payable on application for the amount towards minimum subscription, the issuer shall allot the specified securities to the applicants as per these regulations. (d) Definition of CAN to be modified to state that it is for allocation of shares and not confirmation of shares (16) Application for listing. Subject to the provisions of these regulations, the issuer may apply for listing of specified securities on a stock exchange other than the stock exchange through which it offers its speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) Others 2. Non Institutional Investors (a) Corporates (b) Individuals (other than RIIs) (c) Others 3. Retail Individual Investors (RIIs) (a) Cut off (b) Price bids 4. Reservation categories, if any (a) Cut off (b) Price bids ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 MF1 40 7 MF2 40 8 MF3 80 9 MF4 20 10 MF5 20 TOTAL 500 A1-A5 (QIB bidders other than MFs) MF1-MF5 (QIB bidders which are MFs) (3) Details of Allotment to QIB Bidders/Applicants (No. of equity shares in crores) Type of QIB bidders Equity shares bid for Allocation of 2 crores equity shares to MFs proportionately (See Note 2) Allocation of balance 38 crores equity shares to QIBs proportionately (See Note 4) Aggregate allocation to MFs A1 50 0 3.82 3.82 A2 20 0 1.53 1.53 A3 130 0 9.92 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the floor price at least one working day before opening of the bid in all the newspapers in which the pre-issue advertisement was released.] 25 [(c) Qualified institutional buyers shall bid at any price above the floor price.] (d) The bidder who bids at the highest price shall be allotted the number of securities that he has bided for and then the bidder who has bided at the second highest price and so on, until all the specified securities on offer are exhausted. 26 [(e) Allotment shall be on price priority basis for qualified institutional buyers.] 27 [(f) Allotment to retail individual investors, non-institutional investors and employees of the issuer shall be made proportionately as illustrated in this Schedule.] (g) Where, however the number of specified securities bided for at a price is more than available quantity, then allotment shall be done on proportionate basis. 28 [(h) Retail individual investors, non-institutional investors and employees shall be allotted specified securities at the floor price subject to provisions of clause (d) of regulation 29.] 29 [(i) The issuer may:- (A) place a cap either in terms of number of specifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cum-bidding form, other than the form meant for Applications Supported by Blocked Amount, shall satisfy the following conditions: (i) the bidding form shall be standard to ensure uniformity in bidding and accuracy; (ii) the bidding form shall contain information about the investor, the price and the number of securities that the investor wishes to bid; (iii) before being issued to the investors the bidding form shall be serially numbered and date and time stamped at the bidding centres; (iv) the serial number may be system generated or stamped with an automatic numbering machine; (v) the bidding form shall be issued in duplicate signed by the investor and countersigned by the syndicate member, with one form for the investor and the other for the syndicate member(s)/book runner(s); (i) The application-cum-bidding form for Applications Supported by Blocked Amount shall contain all the relevant details and shall be uniform for all ASBA investors. 5 The bracket and the words (not applicable in case of an IDR issue) omitted by SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009, w.e.f. 11.12.2009. 6 Substituted by SEBI (Issue of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015, w.e.f. 01.01.2016. 14 Substituted for clause (i) by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. Prior to substitution, clause (i) read as under: (i) The investors may revise their bids; 15 Substituted for finalization of allotment by the SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015, w.e.f. 01.01.2016. 16 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2010, w.e.f. 01.05.2010. 17 Substituted for clause (j) by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. Prior to substitution, clause (j) read as under: The qualified institutional buyers shall not withdraw their bids after closure of bidding. 18 The words retail individual investors, omitted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. 19 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
