Minimum subscription requirement triggers refund obligation with prescribed interest on delayed refunds in public preference share issues. Issuers may set a minimum subscription for public issues of non-convertible redeemable preference shares and must disclose it in the offer document in accordance with the Companies Act. If the minimum subscription is not achieved, all application monies must be refunded forthwith; refunds made after eight days from the offer's close must include interest at the rate stated in the offer document, not less than fifteen per cent per annum.