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TMI BlogBOOK BUILDING PROCESSX X X X Extracts X X X X X X X X Extracts X X X X ..... ibility as specified in Schedule I (3) Syndicate Members. The book runner(s) may appoint syndicate members. (4) Underwriting. (a) The lead book runner and co-book runners shall compulsorily underwrite the issue and the syndicate members shall sub-underwrite with the lead book runner /co-book runners. (b) The lead book runners/ syndicate members shall enter in to underwriting/ sub underwriting agreement on the date of allocation and furnish details forthwith to the Board. (c) The details of final underwriting arrangement indicating actual numbers of shares underwritten shall be disclosed and printed in the Prospectus before it is registered with the Registrar of Companies. (d) In case of an under subscription in an issue, the shortfall shall have to be made good by the book runner(s) to the issue and the same shall be incorporated in the inter-se allocation of responsibility as specified in Schedule II. (5) Agreement with the stock exchange. (a) The issuer shall enter into an agreement with one or more of the stock exchange(s) which have the system of on-line offer of securities. (b) The agreement shall specify inter-alia, the rights, duties, responsibilities and obligatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctus: (i) a statement that the floor price or price band, as the case may be, shall be disclosed at least two working days (in case of an initial public offer) and at least one working day (in case of a further public offer) before the opening of the bid; (ii) a statement that the investors may be guided in the meantime by the secondary market prices (in case of a further public offer);names and editions of the newspapers where the announcement of the floor price or price band would be made; (iii) names of websites (with address), journals or other media in which the said announcement will be made. (b) Where the issuer decides to opts for price band instead of floor price, the issuer shall also ensure compliance with the following conditions: (i) The cap of the price band should not be more than 20% of the floor of the band; i.e cap of the price band shall be less than or equal to 120% of the floor of the price band; (ii) The price band can be revised during the bidding period in which case the maximum revision on either side shall not exceed 20% i.e floor of price band can move up or down to the extent of 20% of floor of the price band disclosed in the red herring prospectus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue.] (g) Allocation to Anchor Investors shall be completed on the day of bidding by Anchor Investors (h) If the price fixed as a result of book building is higher than the price at which the allocation is made to Anchor Investor, the Anchor Investor shall bring in the additional amount. However, if the price fixed as a result of book building is lower than the price at which the allocation is made to Anchor Investor, the excess amount shall not be refunded to the Anchor Investor and the Anchor Investor shall take allotment at the price at which allocation was made to it. (i) The number of shares allocated to Anchor Investors and the price at which the allocation is made, shall be made available in public domain by the merchant banker before opening of the issue (j) There shall be a lock-in of 30 days on the shares allotted to the Anchor Investor from the date of allotment in the public issue. (k) Neither the merchant bankers nor any person related to the promoter/promoter group/merchant bankers in the concerned public issue can apply under Anchor Investor category. The parameters for selection of Anchor Investor shall be clearly identified by the merchant banker and shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd every Self Certified Syndicate Bank 13[, Registrar to Issue and Share Transfer Agents or Depository Participants] shall accept Applications Supported by Blocked Amount from ASBA investors. (f) Applicants who are qualified institutional buyers shall place their bids only through the stock brokers who shall have the right to vet the bids; (g) The bidding terminals shall contain an online graphical display of demand and bid prices updated at periodic intervals, not exceeding thirty minutes. (h) At the end of each day of the bidding period, the demand including allocation made to anchor investors, shall be shown graphically on the bidding terminals of syndicate members and websites of recognised stock exchanges offering electronically linked transparent bidding facility, for information of public. 14[(i) The retail individual investors may either withdraw or revise their bids until 15[closure of the issue].] 16[(ia) The issuer may decide to close the bidding by qualified institutional buyers one day prior to the closure of the issue subject to the following conditions: (i) bidding shall be kept open for a minimum of three days for all categories of applicants; (ii) disclosure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese regulations.] (b) In case of under subscription in any category, the undersubscribed portion in that category shall be allocated to the bidders as per disclosures made in the red herring prospectus; Provided that the unsubscribed portion in qualified institutional buyer category shall not be available for subscription to other categories 20[* * *]. (c) On receipt of the sum payable on application for the amount towards minimum subscription, the issuer shall allot the specified securities to the applicants as per these regulations. (d) Definition of CAN to be modified to state that it is for 'allocation of shares' and not 'confirmation of shares (16) Application for listing. Subject to the provisions of these regulations, the issuer may apply for listing of specified securities on a stock exchange other than the stock exchange through which it offers its specified securities to public through the on-line system. (17) Maintenance of Books and Records. (a) A final book of demand showing the result of the allocation process shall be maintained by the lead book runner. (b) The book runner/s and other intermediaries associated in the book building process shall maintain rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity shares b. Balance for all QIBs including MFs 38 crore equity shares 5 No. of QIB applicants 10 6 No. of shares applied for 500 crore equity shares * Where 50% of the issue size is required to be allotted to QIBs. (2) Details of QIB Bids S. No. Type of QIB bidders No. of shares bid for (in crores) 1 A1 50 2 A2 20 3 A3 130 4 A4 50 5 A5 50 6 MF1 40 7 MF2 40 8 MF3 80 9 MF4 20 10 MF5 20 TOTAL 500 A1-A5 (QIB bidders other than MFs) MF1-MF5 (QIB bidders which are MFs) (3) Details of Allotment to QIB Bidders/Applicants (No. of equity shares in crores) Type of QIB bidders Equity shares bid for Allocation of 2 crores equity shares to MFs proportionately (See Note 2) Allocation of balance 38 crores equity shares to QIBs proportionately (See Note 4) Aggregate allocation to MFs A1 50 0 3.82 3.82 A2 20 0 1.53 1.53 A3 130 0 9.92 9.92 A4 50 0 3.82 3.82 A5 50 0 3.82 3.82 MF1 40 0.4 3.02 3.42 MF2 40 0.4 3.02 3.42 MF3 80 0.8 6.04 6.84 MF4 20 0.2 1.51 1.71 MF5 20 0.2 1.51 1.71 500 2 38 40.00 Notes: (1) The illustration presumes compliance with the provisions of regulation 50(1) pertainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be allotted specified securities at the floor price subject to provisions of clause (d) of regulation 29.] 29[(i) The issuer may:- (A) place a cap either in terms of number of specified securities or percentage of issued capital of the issuer that may be allotted to a single bidder; (B) decide whether a bidder be allowed to revise the bid upwards or downwards in terms of price and/or quantity; (C) decide whether a bidder be allowed single or multiple bids.]] ******* 1 Inserted by the SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015, w.e.f. 01.01.2016. 2 Substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015, w.e.f. 01.01.2016. Prior to its substitution, sub-item (b) read as under : "(b) The stock brokers and Self-Certified Syndicate Bank accepting applications and application monies shall be deemed as 'bidding/collection centres'." 3 Substituted for "book runners/syndicate members/stock brokers/Self-Certified Syndicate Banks a" by the SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015, w.e.f. 01.01.2016. 4 Substituted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in case of an IDR issue)" omitted by SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009, w.e.f. 11.12.2009. 6 Substituted by SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012, w.e.f. 30.01.2012. Prior to its substitution, clause (b) read as under: "(b) Allocation to Anchor Investors shall be on a discretionary basis and subject to a minimum number of 2 such investors for allocation of upto ₹ 250 crore and 5 such investors for allocation of more than ₹ 250 crore." 7 Sub-clause (iii) substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Sixth Amendment) Regulations, 2015, w.e.f. 10-09-2015. Prior to its substitution, said sub-clause, as amended by the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012, w.e.f. 30-1-2012, read as under : "(iii) Minimum of 5 and maximum of 25 such investors shall be permitted for allocation above ₹ 250 crore, subject to minimum allotment of ₹ 5 crore per such investor." 8 Substituted for "thirty" by SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014, w.e.f. 25.08.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. 19 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. 20 The symbol and words ", in case the book building process is undertaken for the purpose of compliance of eligibility conditions for public issue" omitted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. 21 Substituted for "FIIs" by the SEBI (Foreign Portfolio Investors) Regulations, 2014, w.e.f. 7-1-2014. 22 Substituted for an earlier table by the SEBI (Issue of Capital and Disclosure Requirement) (Second Amendment) Regulations, 2014, w.e.f. 25.08.2014. 23 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009, w.e.f. 11.12.2009. 24 Substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2010, w.e.f. 08.01.2010. Prior to its substitution, clause (b) read as under: "(b) The issuer shall disclose a floor price in the red herring prospectus." 25 Substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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