Section 54 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
54. Letter of offer, abridged letter of offer, pricing and period:of subscription.
(1)The abridged letter of offer, along with application form, shall be dispatched through registered post or speed post to all the existing shareholder; at least three days before the date of opening of the issue:Provided that the letter of offer shall be given by the issuer or lead merchant banker to any existing shareholder who has made a request in this regard.(2)The shareholders who have not received the application form may apply in writing on a plain paper, along with the requisite application money.(3)The shareholders making application otherwise than on the application form shall not renounce their rights and shall not utilise the application form for any purpose including renunciation even if it is received subsequently.(4)Where any shareholder makes an application on application form as well as on plain paper, the application is liable to be rejected.(5)The issue price shall be decided before determining the record date which shall be determined in consultation with the designated stock exchange.(6)A rights issue shall be open for subscription for a minimum period of fifteen days and for a maximum period of thirty days.
