Section 251 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
251. Differential pricing.
(1)The issuer may offer its specified securities at different prices, subject to the following:(a)retail individual investors or retail individual shareholders[or employees entitled for reservation made under regulation 254 may be offered specified securities at a price not lower than by more than ten per cent. of the price at which net offer is made to other categories of applicants, excluding anchor investors.(b)the differential pricing and the price at which net offer is proposed to be made to other categories of applicants shall be within the range such that the minimum application lot size shall remain uniform for all the applicants.(c)in case of a book built issue, the price of the specified securities offered to the anchor investors shall not be lower than the price offered to other applicants.(2)Discount, if any, shall be expressed in rupee terms in the offer document.
