Conducting Road Show and submission of application

• The issuer-issue manager shall send an invitation to the eligible investors, both in writing and through publication in at least 5 (five) widely circulated national dailies, giving at least 10 (ten) working days’ time to the roadshow indicating time and venue of such event. The invitation letter shall accompany a red-herring prospectus containing all relevant information covering the proposed size of the issue and at least 3 (three) years audited financial statements and valuation report, prepared by the issue manager without mentioning any indicative price, as per internationally accepted valuation methods. The red-herring prospectus shall be prepared without mentioning the issue price or number of securities to be offered.
• Representatives from the exchanges shall present in the road show as observers.
• Eligible investors shall submit their comments and observations, if any, to the issuer or issue manager within 03(three) working days of the road show.
• After completion of the road show, the red-herring prospectus shall be finalized on the basis of comments and observations of the EIs participated in the road show. The valuation report as finalized must be included in the red-herring prospectus including detail about the qualitative, quantitative factors and methods of valuation
• The application along with the red-herring prospectus and required documents shall be simultaneously submitted to the Commission and the exchanges as per rule.