Regulation 87 - Minimum number of allottees. - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

Minimum number of allottees. 87. (1) The minimum number of allottees for each placement of eligible securities made under qualified institutions placement shall not be less than: (a) two, where the issue size is less than or equal to two hundred and fifty crore rupees; (b) five, where the issue size is greater than two hundred and fifty crore rupees: Provided that no single allottee shall be allotted more than fifty per cent. of the issue size. (2) The qualified institutional buyers belonging to the same group or who are under same control shall be deemed to be a single allottee. Explanation: For the purpose of sub-regulation (2), the expression qualified institutional buyers belonging to the same group shall have the same meaning as derived from sub-section (11) of section 372 of the Companies Act, 1956;