Regulation 128 - Differential pricing - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Differential pricing 128. (1) The issuer may offer its specified securities at different prices, subject to the following: a) retail individual investors or retail individual shareholders or employees entitled for reservation made under regulation 130 may be offered specified securities at a price not lower than by more than ten per cent. of the price at which net offer is made to other categories of applicants, excluding anchor investors; b) in case of a book built issue, the price of the specified securities offered to the anchor investors shall not be lower than the price offered to other applicants; c) in case of a composite issue, the price of the specified securities offered in the public issue may be different from the price offered in rights issue and justification for such price difference shall be given in the offer document. d) in case the issuer opts for the alternate method of book building in terms of Part D of Schedule XIII , the issuer may offer the specified securities to its employees at a price not lower by more than ten per cent. of the floor price. (2) Discount, if any, shall be expressed in rupee terms in the offer document.