Utilization of issue proceeds.

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..... e: Provided that on and after the date of oversubscription, the allotments may be made to the applicants on a proportionate basis upto the oversubscription limit. (2) The issuer and lead manager(s) shall ensure that the municipal debt securities are allotted and/or application monies are refunded or unblocked within such period as may be specified by the Board. (3) The lead manager(s) shall ensure .....

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..... the offer document. (2) The proceeds of the issue shall be clearly earmarked for a defined project or a set of projects for which requisite approvals have been obtained from concerned authorities. (3) The issuers shall maintain a bank account in which the amount raised from the issue shall be transferred immediately after the closure of the issue and such amount shall only be utilised for specifie .....

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..... ipal entity, such requirement shall be complied by the Municipality which is being financed. (5) Issuer s contribution for each project shall not be less than twenty per cent. of the project costs, which shall be contributed from their internal resources or grants: Provided that where the issuer is a corporate municipal entity, contribution of the concerned municipality, which is being financed by .....

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