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    <title>Differential pricing</title>
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    <description>Differential pricing allows specified securities to be offered at different prices subject to limits: retail investors, retail shareholders and eligible employees may receive modest discounts relative to the net offer price (excluding anchor investors); anchor investors in book-built issues cannot be offered a lower price than other applicants; composite issues require justification for any public versus rights issue price difference in the offer document; under alternate book building employees may receive discounted pricing relative to the floor price. Any discount must be expressed in rupee terms in the offer document.</description>
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      <description>Differential pricing allows specified securities to be offered at different prices subject to limits: retail investors, retail shareholders and eligible employees may receive modest discounts relative to the net offer price (excluding anchor investors); anchor investors in book-built issues cannot be offered a lower price than other applicants; composite issues require justification for any public versus rights issue price difference in the offer document; under alternate book building employees may receive discounted pricing relative to the floor price. Any discount must be expressed in rupee terms in the offer document.</description>
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