Minimum subscription requirement - refunds required if threshold not met; promoters' underwriting exceptions apply under issue regulations. Minimum subscription mandates receipt of at least ninety per cent of the offer; the requirement is not applicable where the issue's object is other than financing capital expenditure and promoters undertake to fully subscribe and not renounce rights except within the promoter group or to specified disclosed investor(s). If minimum subscription is not received, all application monies must be refunded forthwith and not later than four days from issue closure.