Minimum subscription requirement mandates substantial receipt of offers; failure requires prompt refund of application monies. Minimum subscription requires receipt of at least ninety per cent of the offer through the offer document, subject to allotment of the minimum number of specified securities prescribed under the Securities Contracts (Regulation) Rules, 1957. If that minimum subscription is not received, all application monies must be refunded to applicants forthwith, and in any event within four days from the closure of the issue.