Regulation 190 - Differential pricing - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Differential pricing 190. (1) The issuer may offer its IDRs at different prices, subject to the following: a) retail individual investors or employees entitled for reservation may be offered specified securities at a price not lower by more than ten per cent. of the price at which net offer is made to other categories of applicants, excluding anchor investors. Explanation: For the purpose of this Chapter, employee shall mean a person who: i) is a resident of India, and ii) is a permanent and full-time employee or a director, whether whole time or part time, of the issuer or of the holding company or subsidiary company or of the material associate(s) of the issuer, whose financial statements are consolidated with the issuer s financial statements, working in India and does not include promoters and an immediate relative of the promoter. b) In case the issuer opts for the alternate method of book building in terms of Part D of Schedule XIII , the issuer may offer 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.