Regulation 287 - Allocation and allotment - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Allocation and allotment 287. (1) The number of allottees in the initial public offer shall at least be 1 [ fifty ] . 2 [ (2) The allotment to institutional investors as well as non-institutional investors shall be on a proportionate basis. ] 3 [****] 4 [ (3) ] Any under-subscription in the non-institutional investor category shall be available for subscription under the institutional investors category. 5 [ (4) The issuer may allocate up to sixty per cent of the issue size on a discretionary basis, prior to the issue opening, to eligible investors as identified under sub-regulation (1) of regulation 283 , in accordance with the requirements with respect to anchor investors for public issue made on the SME exchange as specified in Part A of Schedule XIII: Provided that the price of the specified securities offered to eligible investors shall not be lower than the price offered to other applicants. Provided further that eligible investors shall make an application of a value of at least fifty lakh rupees. ] ************** NOTES:- 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as two hundred 2. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as, (2) The allocation in the net offer to public category shall be as follows: (a) seventy-five per cent to institutional investors: Provided that there shall be no separate allocation for anchor investors; (b) twenty-five per cent to non-institutional investors 3. Omitted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as (3) The allotment to institutional investors may be on a discretionary or a proportionate basis whereas the allotment to non-institutional investors shall be on a proportionate basis. (4) The mode of allotment to institutional investors, i.e., whether discretionary or proportionate, shall be disclosed prior to or at the time of filing of the offer document. (5) In case of discretionary allotment to institutional investors, no institutional investor shall be allotted more than ten per cent. of the issue size. 4. Re-numbered vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as (6) 5. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021