Section 180 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
180. Minimum number of allottees.
(1)The minimum number of allottees for each placement of eligible securities made under this Chapter shall at least be:(a)two, where the issue size is less than or equal to two hundred and fifty crore rupees;(b)five, where the issue size is greater than two hundred and fifty crore rupees:Provided that no single allottee shall be allotted more than fifty per cent. of the issue size.(2)Qualified institutional buyers belonging to the same group or who are under same control shall be deemed to be a single allottee.Explanation: For the purpose of sub-regulation (2), the expression "qualified institutional buyers belonging to the same group" shall mean entities where, - (i) any of them controls directly or indirectly, through its subsidiary or holding company, not less than fifteen per cent. of the voting rights in the other; or (ii) any of them directly or indirectly, by itself, or in combination with other persons exercise control over the others; or (iii) there is a common director, excluding nominee and independent directors amongst the investor, its subsidiary or holding company and any other investor.
