Section 98 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
98. Conditions for issue of IDR.
- An issue of IDR shall be subject to the following conditions:(a)issue size shall not be less than fifty crore rupees;(b)procedure to be followed by each class of applicant for applying shall be mentioned in the prospectus;(c)minimum application amount shall be twenty thousand rupees;(d)at least fifty per cent. of the IDR issued shall be allotted to qualified Institutional buyers on proportionate basis as per illustration given in Part C Schedule XI;(e)the balance fifty per cent. may be allocated among the categories of non-institutional investors and retail individual investors including employees at the discretion of the issue and the manner of allocated shall be disclosed in the prospectus. Allotment to investors within a category shall be on proportionate basis;(f)At any given time, there shall be only one denomination of IDR of the issuing company.
