Securities And Exchange Board Of India - Subsection
Section 99(2) in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
(2)For underwritten issues: If the issuing company does not receive the minimum subscription of ninety per cent. of the offer through offer document including devolvement of underwriters within sixty days from the date of closure of the issue, the issuing company shall forthwith refund the entire subscription amount received with interest to the subscribers at the rate of fifteen per cent. per annum for the period of delay beyond sixty days.
