Regulation 86 - Minimum subscription - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Minimum subscription 86. (1) The minimum subscription to be received in the issue shall be at least ninety per cent. of the offer through the offer document. 1 [ Provided that minimum subscription criteria shall not be applicable to an issuer if: (a) the object of the issue involves financing other than financing of capital expenditure for a project; and (b) the promoters and the promoter group of the issuer undertake to subscribe fully to their portion of rights entitlement and do not renounce their rights except to the extent of renunciation within the promoter group. ] (2) In the event of non-receipt of minimum subscription referred to in sub-regulation (1), all application monies received shall be refunded to the applicants forthwith, but not later than 2 [ four days ] from the closure of the issue. ************* NOTES:- 1. Inserted vide Notifivation No. SEBI/LAD-NRO/GN/2020/31 dated 28-09-2020 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/ 2022/ 63 dated 14-01-2022 before it was read as fifteen days