Underwriting requirement mandates full offer coverage; lead managers must take a minimum stake and ensure disclosure. Initial public offers must be fully underwritten; lead managers must underwrite a specified minimum portion, appoint registered merchant bankers or stock brokers as underwriters in consultation with the issuer, and may contract with nominated investors for subscription in case of under-subscription. Lead managers must file an undertaking one day before opening confirming full underwriting and listing each underwriter, nominated investor and sub-underwriter with their commitments. Lead managers must cover any shortfall if others fail, non-lead underwriters may only subscribe to fulfill agreements, and all underwriting arrangements must be disclosed in the offer document.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Underwriting requirement mandates full offer coverage; lead managers must take a minimum stake and ensure disclosure.
Initial public offers must be fully underwritten; lead managers must underwrite a specified minimum portion, appoint registered merchant bankers or stock brokers as underwriters in consultation with the issuer, and may contract with nominated investors for subscription in case of under-subscription. Lead managers must file an undertaking one day before opening confirming full underwriting and listing each underwriter, nominated investor and sub-underwriter with their commitments. Lead managers must cover any shortfall if others fail, non-lead underwriters may only subscribe to fulfill agreements, and all underwriting arrangements must be disclosed in the offer document.
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