Shopper's Stop Limited - Securities and Exchange Board of India
Shopper's Stop Limited - Securities and Exchange Board of India
Shopper's Stop Limited - Securities and Exchange Board of India
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evision in the Price B<strong>and</strong>, the Issue will be kept open for a period <strong>of</strong> three days after the<br />
revision <strong>of</strong> the Price B<strong>and</strong>, subject to the total Bidding Period not exceeding thirteen days.<br />
The Company in consultation with the BRLMs <strong>and</strong> Co-BRM can finalise the Issue Price<br />
within the Price B<strong>and</strong> in accordance with this clause, without the prior approval <strong>of</strong>, or<br />
intimation, to the Bidders.<br />
(b) The Bidder can bid at any price within the Price B<strong>and</strong>. The Bidder has to bid for the desired<br />
number <strong>of</strong> Equity Shares at a specific price. Retail Individual Bidders <strong>and</strong> Employees<br />
may bid at “Cut-<strong>of</strong>f”. However, bidding at “Cut-<strong>of</strong>f” is prohibited for QIB or Non<br />
Institutional Bidders <strong>and</strong> such Bids from QIBs <strong>and</strong> Non-Institutional Bidders shall be<br />
rejected.<br />
(c) Retail Individual Bidders <strong>and</strong> Employees who bid at the Cut-Off agree that they shall<br />
purchase the Equity Shares at any price within the Price B<strong>and</strong>. Retail Individual Bidders <strong>and</strong><br />
Employees bidding at Cut-Off shall deposit the Bid Amount based on the Cap Price in the<br />
Escrow Account. In the event the Bid Amount is higher than the subscription amount payable<br />
by the successful Retail Individual Bidders or Employees (i.e. the total number <strong>of</strong> Equity<br />
Shares allocated in the Issue multiplied by the Issue Price), Retail Individual Bidders or<br />
Employees shall receive the refund <strong>of</strong> the excess amounts from the Escrow Account.<br />
(d) The Floor <strong>of</strong> the Price B<strong>and</strong> can move up or down to the extent <strong>of</strong> 20% <strong>of</strong> the Floor Price as<br />
disclosed in the Draft Red Herring Prospectus.<br />
(e) Any revision in the Price B<strong>and</strong> shall be widely disseminated including by informing the Stock<br />
<strong>Exchange</strong>s.<br />
(f) In the event <strong>of</strong> any revision in the Price B<strong>and</strong>, whether upwards or downwards, the minimum<br />
application size shall remain [ ] Equity Shares irrespective <strong>of</strong> whether the Bid Amount<br />
payable on such minimum application is not in the range <strong>of</strong> Rs.5,000 to Rs. 7,000.<br />
(g) In case <strong>of</strong> an upward revision in the Price B<strong>and</strong> announced as above, Retail Bidders who<br />
had bid at Cut Off Price could either (i) revise their Bid or (ii) make additional payment<br />
based on the cap <strong>of</strong> the Revised Price B<strong>and</strong>, with the member <strong>of</strong> the Syndicate to whom the<br />
original Bid was submitted. In case the total amount (i.e. original Bid Amount plus additional<br />
payment) exceeds Rs. 50,000, the Bid will be considered for allocation under the Non<br />
Institutional category in terms <strong>of</strong> this Draft Red Herring Prospectus. If, however, the Bidder<br />
does not either revise the Bid or make additional payment <strong>and</strong> the Issue Price is higher than<br />
the cap <strong>of</strong> the Price B<strong>and</strong> prior to revision, the number <strong>of</strong> Equity Shares bid for shall be<br />
adjusted for the purpose <strong>of</strong> allocation, such that no additional payment would be required<br />
from the Bidder <strong>and</strong> the Bidder is deemed to have approved such revised Bid at Cut <strong>of</strong>f<br />
(h) In case <strong>of</strong> a downward revision in the Price B<strong>and</strong>, announced as above, Retail Bidders who<br />
have bid at Cut Off price could either revise their Bid or the excess amount paid at the time<br />
<strong>of</strong> bidding would be refunded from the Escrow Account.<br />
Escrow Mechanism<br />
Escrow Account<br />
Our Company shall open Escrow Accounts with one or more Escrow Collection Banks in whose<br />
favour the Bidders shall make out the cheque or dem<strong>and</strong> draft in respect <strong>of</strong> his or her Bid <strong>and</strong>/or<br />
revision <strong>of</strong> the bid. Cheques or dem<strong>and</strong> drafts received from Bidders would be deposited in the<br />
Escrow Account. The Escrow Collection Banks will act in terms <strong>of</strong> this draft Red Herring<br />
Prospectus <strong>and</strong> an Escrow Agreement. The monies in the Escrow Account shall be maintained by<br />
the Escrow Collection Bank(s) for <strong>and</strong> on behalf <strong>of</strong> the Bidders. The Escrow Collection Bank(s)<br />
shall not exercise any lien whatsoever over the monies deposited therein <strong>and</strong> shall hold the monies<br />
therein in trust for the Bidders. On the Designated Date, the Escrow Collection Banks shall transfer<br />
the monies from the Escrow Account to the Public Issue Account with the Bankers to the Issue as<br />
per the terms <strong>of</strong> the Escrow Agreement.<br />
The Bidders should note that the escrow mechanism is not prescribed by SEBI <strong>and</strong> has been<br />
established as an arrangement between the Escrow Collection Bank(s), our Company, the<br />
Registrar to the Issue <strong>and</strong> BRLMs, Co-BRM, Syndicate Members to facilitate collections from the<br />
Bidders.<br />
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