The Reverse Book Building Process

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....ment with a stock exchange for this purpose. 2. The detailed public announcement and letter of offer shall be filed without delay with the stock exchange mentioned in clause 1 and such stock exchange shall forthwith post the same on its website. 3. The minimum number of bidding centres shall be: (a) the four metropolitan centres situated at Mumbai, Delhi, Kolkata and Chennai; ....

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.... Manager to the offer. 8. The Manager to the offer shall ensure that the equity shares in the said special depositories account are not transferred to the account of the acquirer unless the bids in respect thereof are accepted and payments in respect thereof are made. 9. The holders of physical equity shares shall ensure that the bidding form, together with the share certificate and transfer....

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....stamp and unique order number. 12. Clauses 1 to 11 shall not be applicable in respect of the book building process where settlement is carried out through stock exchange mechanism as specified in sub-regulation (2) of regulation 17 of these regulations. 13. The discovered price shall be determined as the price at which shares are accepted through eligible bids, that takes the shareholding of....

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....14. An illustration for arriving at the discovered price is given in the table below: Bid price (Rs.) Number of Investors Demand (Number of shares) Cumulative demand (Number of shares)   550 5 2,50,000 2,50,000   565 8 4,00,000 6,50,000   575 10 2,00,000 8,50,000   585 4 4,00,000 12,50,000 &n....