Securities And Exchange Board Of India - Subsection
Section 76(4) in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
(4)Any preferential issue of specified securities, to qualified institutional buyers not exceeding five in number, shall be made at a price not less than the average of the weekly high and low of the closing prices of the related equity shares quoted on a recognised stock exchange during the two weeks preceding the relevant date.Explanation. - For the purpose of this regulation, 'stock exchange' means any of the recognised stock, exchanges in which the equity shares are listed and in which the highest trading volume in respect of the equity shares of the issuer has been recorded during the preceding six months prior to the relevant date.
